Alienated real estate will be for sale in Hungary. It is planned that in the first quarter of 2013, the banks will place on auction 3,500 residential properties (4% of the total number of non-payers), owned by the debtor on the mortgage, informs Realdeal.hu.
The sales concern those apartments and houses of the property market in Hungary, whose owners have been late with their mortgage payments for more than 90 days. In the first quarter of 2013, in total there are over 110,000 properties with such payment overdue.
In Hungary, where property prices have fallen to the lowest level since 2008, banks sold at auction 17,100 alienated properties for the past 1.5 years.