4,783 foreclosed properties designated for sale in Q1

Financial institutions designated for sale 4,783 foreclosed residential properties for the first quarter of this year, 74% of the quota, data published by the National Bank of Hungary (MNB) on Wednesday show. A total of 33,599 foreclosed properties have been designated for sale since October 1, 2011, when legislation establishing designation quotas came into force.

The government introduced the quotas in the autumn of 2011 after consultations with banks to prevent foreclosures from flooding the home market. Banks could designate a maximum of 2% of homes under foreclosure for mandatory sale when the scheme was launched. The quota rose to 3% in 2012, 4% in 2013 and 5% in 2014. The programme will be phased out in 2015.

The MNB data show 2,166 of the homes designated earlier were sold in the fourth quarter of last year. The National Assets Management Company (NET), established by the government to purchase the homes of troubled borrowers with forex-based loans, bought 1,758 of the homes.

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