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.
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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