Spanish Home Prices Collapse 12% In August
Despite the exuberance in Spanish equity and bond markets (which in the US managed to create a quadruple-dip bounce), home prices just can’t get a break in the troubled bailout-less nation. According to TINSA, the generalhome price in Spain fell 11.6% YoY, and has recent reaccelerated with a 2.8% drop sequentially as hope for a third-time’s-the-charm bounce now faded for the forelorn real estate market. The Mediterranean Coast suffered the most, -14.7% YoY (and are down a cumulative 39.5% from the highs). Overall, Spanish house prices are down a cumulative 32.4% from the December 2007 highs (back to 2003 levels). This re-acceleration of the downturn in home prices is hardly what the Dreme is made of as bank balance sheets come under further pressure; deposit outflows will simply not stop until there is underlying improvement in bank collateral, i.e. mortgages and housing values; and so in effect, all this news indicates is that bank balance sheets are even more impaired than previously believed (tourniquet or amputation?).
The quadruple-dip of the Spanish real estate market…
Read more here: http://www.zerohedge.com/news/no-dead-cat-bounce-spanish-home-price-which-collapse-12-august
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Whistler Blowers, Insiders
Spain grow a large percentage of their own food, they have very strong family and community units.. Their weather allows for the use of solar power, they have massive areas of farmland nad natural resources. They know how to eat well and live alot more simply than many of their European counterparts. aside from the current crop of young mortgage holders. A drop in house prices will help many Spanish in the long term. If there’s one country capable of surviving and thriving in an economic collapse it is Spain.