Sunday, October 14, 2012

Spain's BBVA bank plans ?8.7m fire sale of unwanted housing stock

12:10 AM | Posted by Free Game Zone | | Edit Post

Iberian

With housing prices plummeting, the bank says everything must go by the end of 2014, with any necessary price

housing prices continue to fall across the Iberian Peninsula, with the rating agency Fitch predicted a 15% decline in housing prices Portuguese and Spanish banks now swearing stock assessment of adverse price unbeatable.

second largest bank

Spain, BBVA said it will sell ? 8.7 million (? 6.8 million) of residential properties in its books at the end of 2014, the price change .

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property that comes from bankruptcy developers who do not pay their loans as the housing market crashed four years ago, while a small segment of foreclosures to come.

"We will adjust prices each month to boost sales," said CEO of BBVA Ángel Cano Tuesday. "We expect to be sold in the next 18-21 months."
  • Banco Sabadell, which absorbed the deficit Mediterranean Savings Bank (CAM), Caisse d'Epargne, recently said it would sell new properties at a discount of 38%. The largest bank in Spain, Santander, has reduced prices of 35% to 45%.
  • Anecdotal evidence suggests discounts of up to 68% in certain promotions previously unsold in the south of the Costa del Sol
  • housing prices in Spain have dropped 25% from its peak, with many analysts expect at least another 10% decline in the overall decline similar to that observed in Ireland.
experts warn that a further reduction of the Spanish economy, which is in a double dip recession and suffer austerity measures could force prices even lower.

Fitch said it expects lower prices Portuguese 15%, or 28% from its peak, and that the economy will shrink by 3.7% this year. "The change in our expectations of housing prices reflects the deteriorating macroeconomic conditions," she said.


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