Home repossessions forecast to hit 160,000 this year

That means 160,000 Spanish families kicked out of their homes

There were around 16,500 home repossession in Q2, an all time record high, according to estimates by the ADICAE banking and insurance consumer group.

If the trend continues, there will be a total of 160,000 home repossessions this year, on top of the 140,000 families that have already lost their homes since 2008.

To make matters worse, many of those families will still have to pay off mortgages for the homes they have lost.

According to ADICAE, another 270,000 families are behind on their mortgages. This social and human drama is far from over.

Describing it as “the extremely serious social and economic mortgage problem in Spain,” ADICAE has called on the Government to impose a mortgage moratorium to stem the tide of families losing their homes.

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About Mark Stücklin

Mark Stücklin is a Barcelona-based property market analyst and consultant, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com.