In Bulgaria, a new record for the number of «debt» of housing
Every month in Bulgaria is about 1,5 thousand auctions seized for mortgage debts of the property. For three years the number of such proposals has quadrupled.
In 2010 Bulgaria was 600-700 monthly public auction "debt" of real estate, while in 2008 - only 40-50 such auctions per month, the agency Novinite.
Related article: Housing prices in Croatia have stabilized after two years of recessionThe reason for such a large number of sales, according to experts of the Central Bank of Bulgaria, not only in the economic crisis and the growing number of non-performing loans (their share by the end of January 2011 reached 16% of total loans). Large role played by the repeated auctions of old, who failed to finish the implementation of the "problem" of the object.
Bulgarian banks are active participants in such auctions. If the object's value is lower than the amount of the mortgage loan from the bank, the latter often prefer to buy the lot at their own expense and then resell it in the traditional way.
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