Foreclosures in Spain

As a member of our Urbanisation committee, we have just been informed that two more owners of properties on the Urbanisation are having the properties siezed by the banks for non payment of mortgages.This takes the total to 5. It made me look into this a little bit more.
An estimated 1.4 million people in Spain are facing potential foreclosure proceedings, according to Spain’s consumer protection association, known as the Adicae.
Recent figures from the courts show that the numbers are rising fast. In 2007, there were just 26,000 foreclosures. Last year, there were more than 93,000. Early indications suggest that they will be higher again in 2010.
A recent Standard & Poor’s report found that 8 per cent of Spain’s housing is now worth less than the value of the mortgage, and with prices continuing to fall, experts believe, that figure could rise to 20 per cent.