Roughly 3,300 homes were given back to Portuguese banks in the first half of 2012 by families who could no longer keep up their mortgage payments?or companies who could no longer afford them, according to Portugal?s real state agency association (APEMIP).
The 18 properties being handed back each day represent a 8.9% increase from a year ago, the association said today.
Portuguese political parties have all come up with possible solutions, but banks are concerned that any easing of the rules ? like wiping out all liabilities?and?returning properties to borrowers -?would be seen as a ?license to default?.
Many banks in Portugal have recently launched online estate agents to try and move the properties they have been forced to take back as increasing?unemployment means leads more and more people to default on mortgage repayments.
Source: http://www.portugaldailyview.com/whats-new/real-estate-foreclosures-close-to-20-a-day
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