Monday, Jan 18, 2010
Banks have no doubt a further slide in prices is due
Reuters: Spanish house prices ripe for further slide
MADRID (Reuters) - Spanish house prices have fallen only modestly in the recession and remain acutely vulnerable to the massive stock of homes that banks have taken onto their books from struggling property companies and repossessions. Spanish house prices fell just over 6 percent last year, government data showed on Friday, and have slipped 15 percent since a decade-old property bubble burst in 2007.
Posted by jack c @ 01:51 PM (551 views) Add Comment
1 Comment
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1. greenshootsandleaves said...
'When the construction boom that fed the economic bonanza fizzled out, banks financing property development had to either allow the developers to go bust or bail them out by taking on unsold property.
Most banks chose the latter (...)'
That's quite a lump under your carpet, Senor. Looks familiar, too.