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Spain’s six biggest banks sold 11,363 homes between them in Q1, so 125 sales / day, according to the Spanish press.
Santander sold 50/day
BBVA 33/ day
Sabadell 27/day (Lloyds TSB has taken a 5pc position in Sabadell)
CaixaBank 11/day
Popular 3/day
Bankinter 1/dayPress reports point out that these banks are selling much more than the big developers ever did. Guess how they are doing it? Low prices and generous financing.
The only problem is they are still repossessing so much that their overall balance of properties is hardly going down.
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The low prices and generous finance deals make sense, but only if the market has stopped falling, otherwise buyers are still buying into debt filled negative equity.
Banks are again offering mortgages of 100% and above, quite attractive and competitive with renting, but with renting your debt doesn’t increase.
However, how else can the banks dispose of their housing stock? Are they prepared to repossess them all over again?
I think the answer is Yes.
(Or is it just a cynical exercise to appease their ECB lenders?)
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This doesnt ring true for me when unemployment is still increasing by the day… doesnt seem likely that under such circumstances, even with amazing finance deals that there are 125 house sales a day in Spain.
But putting that aside, if its correct or not, sales of 125 a day represents 45000(ish) homes a year, how many are supposed to be sat empty, needing a buyer? Wasnt it some horrendous number like 600,000, 12 years worth…
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In so far as mortgage goes. The so called generous terms are just a come on. The rates are 2.50 -3.75% above Euribor, 1% opening fee and other creative cost added on. I do not know anyone who had been offered 100%. In fact when the Banks know that the buyer needs a mortgage the deal breaksdown.
It will be interesting to know who these buyers are ? I have made various posting/thread on the frustration of dealing with the Banks.
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@gary: I second that !!!!
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Spanish banks repossession websites are years out of date and they make no effort to update them. Nor do they advertise their mortgage offers. Nor do they offer any sensible properties to local estate agents.
It’s almost as if they don’t want to sell the repossessions apart from a token few to keep someone happy, and I won’t speculate on who that someone is.
But if you have a Spanish bank account with a bit of history and ask the right person, you will be astounded by what’s on offer.
And it’s true that Spanish people like to keep it in the family.
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However you look at this it doesnt matter much. Banks are trading stuff with each other to make their numbers look better and the few real sales they havedirectly competes with none repossed properties. It may help the balance sheets a little though but at the cost of normal sellers. I warned you guys about this happening with CAM around 2008-2009 since I had a friend questioning his boss about these procedures who was told to either shut up or quit his job.
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Quote: ‘low prices and generous financing’ I’m sceptical about that, some while ago I read that Banks were not quite so generous with those prices, in fact the only way they were offering generous financing such as 95-100% mortgages was due to racking the prices up surreptitiously over like for like properties 🙄
You need to check the Banks’ prices compared to the same properties with agents or privately, they might not be such a deal 😉
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La Caixa have sold 120 flats in one week in “Señorio de guadalmina” on the main drag in San Pedro right opposite the nearly ? sold out 1st phase of taylor woodrow 😯 😯 . they sold for €120 – €180,000 less than 60% off plan prices eight years ago. The local agents (Spanish only sorry guys 😉 😉 ) in the Malaga are running ragged representing all the banks and their repos. Solvia are relaunching new “batches” every three months (years more?? 😳 ) – not saying there is a boom but there seem to be buyers willing to take a punt!!!! don’t know what its like in other parts of the country –
for the record my spies at La Caixa tell me the buyers were mainly Spaniards!! a country of have lots and have nothings?
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I saw a property at Selwo Park with ” Solvia ” As normal the telephone 902 & little information. I had requested for mortgage details, service charge & the walking distance to the Beach. Surprise I got an email from an Agent within twenty fours asking me to call on his mobile.
Of course did not answer my above stated questions. This is a common ploy so they can start shifting goal post.
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Shakeel, Selwo is no mans land; you’d be by yourself and without services, not to mention the ooo’s of hectares of land on your doorstep – stick central, this recession has a long time to unwind. Stay between Calahonda 😆 😆 😆 😆 “don’t laugh, they’re busy!!” down to Estepona. Obviously central Fuengi and certain well located urbanizations are LLL. as are pockets of Beeenalmadeena 😉 😉 😉
Its all go on the Costas 🙄 🙄 🙄 🙄 🙄
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