Spain’s BBVA bank plans fire sale of toxic housing stock

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This topic contains 3 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 4 years, 4 months ago.

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  • #56967
    Profile photo of Anonymous
    Anonymous
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    Spain’s BBVA bank plans fire sale of toxic housing stock.

    With Iberian house prices in freefall, bank says it will sell off thousands of properties at any price necessary.

    House prices continue to fall across the Iberian peninsula, with the ratings agency Fitch predicting a further 15% decline in Portugal and Spanish banks vowing to sell off unwanted stock at rock-bottom prices.

    Spain’s second-biggest bank, the BBVA, said it would be accelerating its sales of toxic property assets, lowering prices as necessary. It has €8.7bn (£6.8bn)of real estate on its books including building land and thousands of built and half-built residential properties.

    Spain’s BBVA bank plans fire sale of toxic housing stock

  • #111267
    Profile photo of Chopera
    Chopera
    Participant

    Good link jakesuper (at last 😉 )

  • #111271
    Profile photo of katy
    katy
    Spectator

    We have heard of these so called sales before and they still are overpriced rubbish.

  • #111272
    Profile photo of Anonymous
    Anonymous
    Participant

    Indeed Katy. I’ll believe they are holding a fire sale when I actually see it. We’ve seen this all before. Whenever anyone trys to offer something close to what a property is actually worth, rather than what the bank values it at, they inviariably get rejected.

    If they were prepared to sell properties “lowering prices as necessary” they could shift them at auction.

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