Foreclosed Home Sales in Spain to Triple Next Year; Steve Keen Comments on Foreclosures in Australia

In Spain, where home prices have fallen 22 percent with another 20 percent drop expected, new accounting rules will force banks to make provisions for bad loans after 12 months instead of the 72 months as it sits now.

Rules changes will also require lenders to account for changes in the value of certain assets held longer than two years. As a result of those rule changes, lenders will dump depreciating property assets into an already distressed market.