Spain foreclosures may triple in '11: report - MarketWatch

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Spain foreclosures may triple in '11: report - MarketWatch: "Foreclosed homes for sale in Spain may triple in number in 2011 owing to new accounting rules that push banks to shed depreciating assets more quickly, according to a report. Fernando Acuna, the co-founder of Pisos Embargoes de Bancos, which advertises repossessed properties, made the comment in an interview with Bloomberg News. He said about 100,000 repossessed houses and apartments are now on the market, with a quarter of them listed on his website, on behalf of 25 banks. In September, the Bank of Spain began requiring banks to account for a fall in property values of at least 30% if they keep those assets more than two years."