Wave of defaults on mortgage loans swept Hungary, according to business daily Vilaggazdasag. It was put up for auction every fifth house, which payments have been detained for more than 90 days. Now mortgage arrears are exceeded 900 billion Hungarian forints (€3.05 billion).
It is noteworthy that only a small portion of homes for auction has found new owners. According to Realdeal, 5,500 homes were sold mainly in the metropolitan region of the country.
Recall that in March 2013 the Hungarian banks have reported their intention to begin the sale of confiscated houses, but came to the realization just now.