Number of foreclosed homes sold increases in Q2

Analysis

A total of 2,947 foreclosed residential properties were sold in the second quarter, 605 more than in the previous quarter but only 37 more than one year earlier, show data published Thursday by the National Bank of Hungary (MNB) and cited by state news wire MTI.

Financial institutions sold 585 homes of the total, 105 more than in Q1 and 425 more than in Q2 2016. The greater part, or 344 of the properties sold by banks, had been designated for sale between late 2011 and the start of 2015, when legislation establishing designation quotas was in force.

Some 1,763 of the properties sold in Q2 were purchased by National Asset Management Zrt. (NET), a company set up by the government to purchase the homes of borrowers of troubled foreign currency-denominated loans under a government assistance scheme.

Debtors themselves sold a further 599 foreclosed properties in Q2 this year, 18 more than in the previous quarter but 131 less than one year earlier.

Similarly to previous trends, one quarter of Q2 sales occurred in Central Hungary, 11% in Budapest and 14% in Pest County.

ADVERTISEMENT

Business confidence improves as consumer sentiment worsens Analysis

Business confidence improves as consumer sentiment worsens

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.