Banks Seek To Sell Repossessed Property Worth EUR40bn
News: Banks in Spain with repossessed real estate worth up to EUR40bn (US$55bn) are under rising pressure to sell as prices decline and investors come back to the market. Spanish lenders acquired the assets after firms and property holders failed to pay during Spain's worst economic crisis in 50 years. The country was forced to seek a European bailout for the sector and decreased the number of savings banks from 45 to seven. Declining property prices and an improving economy are generating renewed investment in the country, providing banks a chance to ease the burden of possessing so much real estate.