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Hungarian market collapses after forex loans debacle: Mortgages

Posted on 26 March 2012

Hungary’s residential real-estate industry ground to a halt after foreign-currency mortgages, which fueled a boom before they were banned in 2010, saddled homeowners with ballooning repayments when the forint sank to a record and prompted buyers to flee the market.
The slump in demand forced home construction to fall last year to the lowest level since the government started collecting data in 1930 as Hungarian banks booked hundreds of billions of forint in losses………………………………………..Full Article: Source


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