Spanish savings banks, or cajas, continue to build their portfolio of apartments and homes owed to the increase in mortgage default payments. The lenders kept their policy of property adjudication as a result of non-payments and credit swaps for shares made during the first part of the year. The value of all foreclosed homes equals some 2.7 billion euros, not counting unknown foreclosure data from intervened banks such as the CAM and Novacaixagalicia.
Groups that comprise the CECA have accumulated a minimum of 22 billion on their balance sheets, which is 14% more than in December of last year. All of this despite the fact that in recent months they have executed a strategy of quick sales by lowering prices by up to 70% in some cases.
This figure would rise to 24.1 billion if the volume registered by Liberbank were taken into account. Liberbank is the lender recently-created by Cajastur, Extremadura and Cantabria. Their figures cannot be compared because previously they were incoporated into the SIP of the CAM, which failed last March.
