On ‘Foreclosure Road’ in Spain, Bargains Abound – Boom-Turned-Bust Leaves a Glut of Second Homes; ‘Just Look It Over and Make an Offer’
MARBELLA, Spain – Spain’s oversupply of second homes has forced brokers, developers and lenders to come up with creative ways to unload them. It isn’t uncommon now for Spanish banks such Banco Santander SA, Banco Espanol de Credito SA, Banco Bilbao Vizcaya Argentaria SA or the Spanish savings banks known as “cajas” that bankrolled much of the boom to effectively finance more than 100% of a home purchase, by providing no money down mortgages and picking up the sales taxes.
By William Boston, July 22, 2009 WSJ
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