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Milan: nearly 1500 houses for auction in NoLo

28 October, Il Giorno

Astasy reports that in Milan’s area north of Piazzale Loreto, renamed NoLo, there are 1447 foreclosures over a total of 4131 auctioned properties in the whole city. Such numbers can be explained by the easy access to credit between 2006 and 2008, with loans granted for up to 120% of the actual property value. With the financial crisis, however, many households could no longer pay their mortgage. The average value of auctioned houses is 125 thousand euro.

Source: Il Giorno

Translator: Cristina Ambrosi