Spain hit by foreclosure crisis: 280,000 to lose their homes this year


Foreclosed Homes for Sale in Spain May Triple in 2011

By Sharon SmythNov 25, 2010 8:58 AM GMT+0100

 The number of foreclosed homes for sale in Spain may triple next year as new accounting rules prompt lenders to dump their depreciating assets, according to the co-founder of a website that advertises repossessed properties.

About 100,000 houses and apartments owned by banks are now on the market, Fernando Acuna said in an interview. A quarter of them are listed on the website operated by his Madrid-based company, Pisos Embargados de Bancos, on behalf of 25 banks.

….About 280,000 people in Spain will lose their homes this year, according to Spanish consumer protection association ADICAE.

Read more at: http://www.bloomberg.com/news/2010-11-24/foreclosed-homes-may-flood-spanish-market-as-banks-offload-unwanted-assets.html

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