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 Spanish Property Crisis

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Admin
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Posts : 496
Join date : 2010-05-28
Age : 65
Location : Alcudia

PostSubject: Spanish Property Crisis   Wed Mar 02, 2011 1:13 am

There are millions of Spaniards trapped in debt with overpriced homes and high unemployment.

Spain’s property bubble has burst and many Spaniards have ended up feeling like losers after they took advantage of a mortgage in the boom of 2007.

Now they are working hard to pay for houses that are only worth half what they paid for them.

House prices have fallen 17% since 2007 according to the Bank of Spain and they predict that they may still have further to fall.

Analysts are stating that it could be as much as 20-30% as most figures are based on valuations rather than actual sale prices.

At this moment there are over a million of unsold properties in Spain and much tougher mortgage lending conditions.

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