Thursday, May 21, 2009

A real estate tale (II)

Some time ago, thanks to David Lloyd, I had written on the real estate foreclosures in Didim. It turns out the problem may be more widespread than I imagined. Here's an excerpt from the weekly of my good friends at Istanbul Analytics:
As for the effects of the global crisis, a report by Istanbul Chamber of Public Accountants stated that bank’s foreclosures for the past due loans increased by 100% compared to last year. Banks took over 2,744 pieces of real estate against last year’s 1,100 and announced the sale of 51 factories for TL235 million and real estates for TL627 million. The report stated that the textile factories ranked number one in forced sales.
I asked for the report, but Istanbul Analytics does not have the source, either: They were just reporting on a news item that appeared on several newspapers (and which I still managed to miss).

Anyway, any more on this and/or the actual report would be most welcome...

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