Re: Re: Guardian article – Spanish Property Crash

#103705
Anonymous
Participant

@logan wrote:

I agree most of the bank property is at the lower end of the market. However you might expect that the less well off will likely default on their mortgages first. Here’s but 2 examples.
http://www.bancajahabitat.es/viviendas/viviendas.aspx
http://www.oportunidadescam.es
My point was the sheer scale of the problem for the caja’s.
Each repossessed property represents a financial burden on the bank that requires servicing. There are pages and pages of the stuff on every site and in every location.
I don’t believe the banks don’t want to sell them. Every indicator I see reveals they are extremely keen to off load them.
However it’s going to take many years before the market at this level is normalised or stable. That also has a knock on effect to the upper range of property.
Anyone thinking of entering this market in the current state needs to consider that.

Bancaja Habitat prices are way off in many cases and they will not sell a single one of those resale ones. They have slightly finer properties compared to when looking at the ones CAM has. They are both highly overpriced though for the Alicante area.