Tuesday, August 10, 2010

Creditors Ramp Up Sales of Distressed U.K. Properties - WSJ.com

Creditors Ramp Up Sales of Distressed U.K. Properties - WSJ.com: "Some observers predict sales will accelerate partly because banks have completed the process of going through their troubled loans and decided which to keep and which to sell.

Also, some banks are eager to lock in the recent rise in prices. Property values reached their trough in the summer of last year, after falling some 45% since the credit crunch in 2007. They have increased since then, but some are concerned the rise in values is slowing down.

While banks have been reducing their exposure to commercial real estate, they have a long way to go to clean up their balance sheets. >>>>KEEP READING

'There is still a lot of debt that needs to be taken out of U.K. commercial property,' said Bart Gysens, a Morgan Stanley analyst."

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