Latest news on foreclosures in Spain
Close to 400,000 properties have been repossessed in Spain since the Spanish property bubble burst five years ago in 2008, though not all of these are residential properties – the statistics are quite alarming, however the Spanish government is now taking steps to help those in a vulnerable position.
This will now help protect home owners, preventing spiraling debt and assistance with servicing their mortgage repayments. Surprising, mortgage loan defaults are now very low through out Spain with over 95% of property owners honoring their repayments despite the recession and high unemployment figures.
Why bank repossessions?
Though there are still many properties owned by the Spanish banks, the real bargains have been bought up and sold off to investors and private buyers with enough capital to pounce on this type of purchase. The story is still the same today … being able to have the finance in place and being able act at a moments notice when the right property becomes available as there will a number of people circulating the same property.
For the past few years the property market in Spain has been moving relentlessly backwards with prices falling month on month for over three years, Spanish banks can no longer hold on to assets that are now valued a lot less than when they were initially repossessed. The banks are finally starting to offload properties at a sensible price with good financial terms on repayments, making buying a Spanish property a good proposition once more.
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