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Real Estate Briefing - Categorized | Finance, Mortgage more

Spain foreclosures spread to once wealthy: Mortgages

Posted on 09 October 2012

Home foreclosures in Spain, which disproportionately affected lower-income immigrants after the real estate bubble burst, are spreading to formerly well-to-do families and businessmen as they run out of ways to pay mortgages in a deepening recession.
Spanish business people, upper middle class families and their loan guarantors, typically parents of first-time buyers, now account for 60 percent of foreclosures in Madrid, according to AFES, an association that advises homeowners facing repossession………………………………………..Full Article: Source


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