- June 11, 2013 at 11:37 am #57573
SPI News FeedParticipant
The sales rates of Spain’s bad bank, Sareb, expose the current weakness of the Spanish housing market according to the ratings agency Fitch
The gap between supply and demand leads Fitch to believe that it will take years to absorb the surplus housing stock up for sale by both private vendors and Sareb.
They also throw into doubt Sareb meeting its target of closing sales on 42,500 properties in 5 years.
Belén Romana, President of the Sareb
- June 11, 2013 at 3:25 pm #117383
I suspect it’s more the weakness of Sareb and the other banks in actually bothering to market their properties properly and pricing them correctly.
- June 11, 2013 at 8:02 pm #117392
- June 12, 2013 at 11:33 am #117400
Fitch also said that the Sareb might push down house prices when they start selling in earnest.
Fitch don’t say it but the same is true of vulture funds: if they buy they will want to liquidate ASASP and the best way to do that is selling cheap. Pushes the prices down for everyone.
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