Today’s Fire Sale Auction in Ireland
I’m watching developments in Ireland closely. In 2008 Ireland’s banks and real estate industry spectacularly imploded. Since then we have been waiting. Not much happened until a couple of months ago.
The real estate market never found a floor. There were almost no transactions. The nationalized banking system and the bad bank (NAMA: National Assets Management Agency, established to wind down failed developers and get land speculation loans off the banks’ books) stayed silent. They have been sitting on all the Irish inventory on their books.
That’s set to change. Get ready.