Bankers continue foreclosure auctions

Hundreds of ads for foreclosure auctions are now to be found on banks' websites, with such extreme methods of recouping lent money being used increasingly often in the context where recession continues, and clients' chances of financial rebound are evaporating.

This month banks will again put up for sale hundreds of properties repossessed from clients who did not pay their loan instalments, with around 170 auctions being organised by BRD alone, which publishes ads for homes and plots for the first time on its website.

Apart from the 52 plots, and 121 houses and apartments auctioned off in June and July, BRD recovered eight production facilities and industrial spaces and another 11 retail spaces.

Raiffeisen Bank, one of the first banks to publish sales ads for foreclosed properties on its websites, wants to sell 62 properties in June and another eight early next month. Since the beginning of the year, hundreds of ads for homes and plots put up for sale have been posted on the Raiffeisen website, with several auctions being necessary to sell a property because buyers are very hard to find -they either lack the money, or are waiting for prices to fall further.