Some market data:
- Banks have accepted 100,000 debt-for-property (residential) swaps since 2008
- There will be around 180,000 foreclosure proceedings started this year (forecast from the consejo general del poder judicial)
- There will be around 84,000 repossessions this year (forecast from the consejo general del poder judicial)
That’s really very sad. So many people caught up in the madness of the moment.
But hark, the banks appear to have hundreds of thousands of empty properties and are about to need a bailout from the Spanish government, perhaps a social housing deal can be done?