So far in 2012, Portuguese citizens returned an estimated 2,300 properties to the banks for failing to make their mortgage payments. According to the Portuguese Association of Real Estate Professionals and Companies (APEMIP), only in the first three months of this year about 25 homes a day were foreclosed as a consequence of delinquency in payments. In 2011, 6900 homes were returned.

According to data from APEMIP, 75% of the Portuguese are homeowners, but only a fifth of those (or 15% of the families) can afford to make the loan payments on time. In other words, 60% of Portuguese families are in foreclosure situation.

The crisis and unemployment rates in Portugal have worsened significantly in the last few months, making the number of foreclosures in the first quarter of this year increase by an astonishing 74% when compared to the same period last year.

Source: TVI

Share →