NET buys 1,761 foreclosed homes in Q3

Analysis

Hungaryʼs National Asset Management Agency (NET), established to buy homes on which lenders have foreclosed and enable borrowers to continue to reside as tenants, made 1,761 purchases in the third quarter, according to data released by the National Bank of Hungary (MNB), Hungarian news agency MTI reported on Friday.

The purchases accounted for 73% of all foreclosed homes that borrowers and financial institutions sold during the period.

From late 2011 until the end of 2014, limits were placed on the number of foreclosed homes banks could sell to avoid a disruption on the market.

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