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S&P Predicts 20% Drop in Spain’s Housing Prices Over Next 4 Years; Bad Bank to Dump Distressed Properties on Market
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / Wednesday, May 01, 2013 3:05 PM
Spain’s “bad bank”, Sareb to speed up distressed property sales in an ambitious new timetable for liquidation.
The bad bank is hoping to sell almost 42,000 housing units in the next five years. This is about half of the properties in its €50 billion (£42.5 billion approximately) portfolio.
However, falling house prices and a desire among buyers for modern properties in prime locations could hamper these plans for swift sale. Already the value of assets is being slashed by Sareb to clear their books, but attracting investors is proving to be no easy task.
At the beginning of March the International Monetary Fund (IMF) declared: “The clean-up of undercapitalised banks has reached an advanced stage, and key reforms of Spain’s financial sector have been either adopted or designed.” Sareb has also been praised for its receipt of distressed real estate assets from the country’s weakest banks. The bad bank has also finalised agreements with participating banks to manage the transfer of assets.
Thanks to BrotherJohnF
2013-05-01 17:17:37
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