Spain Home Foreclosures Rise as Middle Classes Succumb to Tide

Spain Home Foreclosures Rise as Middle Classes Succumb to Tide

Angel Navarrete/Bloomberg

Three years ago 80 percent of foreclosures in Madrid were made on the homes of immigrants, normally the first to lose jobs and fall behind with mortgage repayments in a souring economy, according to AFES, an association that advises people facing foreclosure. Now just 40 percent belong to foreigners.