Thursday, December 15, 2011

Coming soon here

Spanish house prices tumble

Spanish house prices fell at their fastest pace in two years in the third quarter, as the country's three-year property bust continues to take a toll. House prices decreased on average by 7.4% in the third quarter from the same period a year ago. This compares with a 6.8% fall in second-quarter house prices, and marks the third consecutive quarter of accelerated price drops after prices stabilized somewhat in late 2010.

Posted by little professor @ 12:41 PM (3842 views)
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12 thoughts on “Coming soon here

  • Yeah! Go Spain!

    What I enjoy most is the Homeys whining on about “It’s not fair I sold my English house to move abroad for a retirement in the sun and I paid EUR 500,000 for my villa but now it’s only worth EUR 400,000 etc”

    The bit they always miss is that the EUR 100,000 nominal loss only matters if they intend to move again and was completely funded out of entirely tax free windfall monopoly profit from the sale of their English house, i.e. some poor sucker in the UK is saddled with a £500,000 mortgage on a house now worth £400,000.

    What goes around comes around.

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  • MW

    do you not think the psychological issue of knowing your property is worth 100k less has an effect on whether you will walk and cut your losses or stay and stick it out or even run and post the keys back?

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  • Coming soon here ! I do hope so, or can we have the economic contraction that we are having, unemployment on the up, inflation high, savings rate shite & still have stupid obscene house prices.. Nothing surprises me..

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  • early 2012 will be very telling

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  • That’s what happens when you can’t print!

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  • mark wadsworth says:

    Mark 2, everybody has a slightly different view, so your guess is as good as mine.

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  • how about the ones who remortgaged over here to put a deposit down and mortgage over there.

    european law can have a charge put on your house here uncontested…..then they can force you to sell

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  • Interesting that a country which saw house price falls peter out is now witnessing them resume. IIRC, there were numerous efforts to prop the market up in Spain – removing new builds from the market etc. This suggests that props put up here will eventually fail and a second leg down will take hold (if it hasn’t already).

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  • Blue Nose Bear says:

    Santander bought up thousands of new/part builds to prop up the market, bet they won’t be doing that this time.

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  • Have a sib down there in Iberia. It’s fine but Brits do make there assumptions and expect cheddar in the supermarket.

    Discovering that it might take 3 years for a buyer for your saleable des res rather than 3 weeks can be a bit of a shock.

    As can the compulsory purchase process that can leave you broke, at the whim of a local planner.

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  • how will it happen in the UK soon? Spain probably dosent have:

    1) SMI
    2) a government bricking itself over a large proportion of the population ending up in bedsitter land.
    3) a government doing all it can to prop house prices up.
    4) an economy built on debt and HPI.
    5) an ever increasing population due to uncontrolled imigration.

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  • MW

    I am Mark 1 remember that lol

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