The number of homes foreclosed by the two largest banks SEB and Swedbank in Estonia has doubled this year.
ERR reports with reference to Eesti Päevaleht that in addition to 500 homes foreclosed by bailiffs on the request of Swedbank and SEB, also other smaller banks have tens of apartments and houses on their hands.
Priit Perens, CEO of Swedbank Estonia, says that the trend is growing and expects the number of foreclosures to increase further next year. "While the percentage of overdue business loan repayments seems to have stabilised, defaults of private loans continue to increase, mainly because of unemployment growth.
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SEB, Swedbank have foreclosed 500 homes this year