Discounts as high as 55% as banks hold year-end property dump | South Florida Business Journal

Discounts as high as 55% as banks hold year-end property dump | South Florida Business Journal

Banks accepted discounts as high as 55 percent in order to sell distressed South Florida properties in the final weeks of 2010.

Getting bad assets off the books before the close of the year is a good way for banks to start 2011 on better footing. Plus, taking the associated losses in 2010 means they can also take the tax write-offs from those losses sooner.