Spain's bad bank, Sareb, has plans to unload 45,000 distressed properties in five years, over 7,500 of them in 2013.
In theory it is easiest to dump more properties in the beginning because there are likely some relative bargains for the early property hunters.
The actual results are laughable. Sareb unloaded 550 home in January-March, then and only anther 150 in the next two months, a grand total of 700 through June 1.
Humorous Details of Sareb's Property Assets
Here are some excerpts (translated) from Guru'sBlog report Havoc in the Bad Bank (SAREB).
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