Scary article regarding Spains housing situation in El Mundo here.
Short summary:
- there are 1,5 M empty houses/apartments in Spain
- 200k of those are in hands of banks
- 683k are new construction (of which210k still is not terminated)
This stock will not disappear until 2015 (optimistically) and probably not until 2017 in some areas.
Until 2015 the prices will keep on descending until they are on a 20% lower level than 2010. (In some area, 30% lower).
40% of the construction companies are in a "bankrupcy-situation" already now and 60% of the construction market will disappear for ever, requiring the re-collocation of 1 million workers.
Funny how this goes totally against what Zapatero said in his interview with CNBC recently.
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