PSzÁF: 74% of foreclosed property for sale in Q3

Hungarian financial market supervisory body PSzÁF reported yesterday that just under 3,900 foreclosed residential properties will be put on the market by financial institutions in the third quarter of 2013; the figure represents about 74% of the designated quota for such sales.

New legislation regarding foreclosure and subsequent sale of properties entered into effect in October 2011 and since then, some 24,810 properties have been designated for sale.

Current quotas call for a maximum of 4% of seized homes valued at up to HUF 30 million to be put on the market per quarter. Since 2011, banks have expended a maximum of 84% of said quota (in second quarter 2012), which has risen from 2% to its current level.

PSzÁF also noted that 1,269 foreclosed residences were sold in the second quarter of 2013, a whopping 88% increase over the 675 sold in the first quarter. Buoying second-quarter sales was the Hungarian National Asset Management Company (MNV), which purchased 912 of the residences as part of the relief plan for forex-based mortgage loan borrowers.

The peak in properties designated for sale was in the first quarter of 2012, with a mark of 5,050 put to market.

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