There remains debate over whether America’s housing market has truly bottomed, but it’s certainly not as bad as it was during and immediately after the recession.The same cannot be said for Spain.
The AP reported Thursday home prices fell 14.4 per cent year-over-year in the second quarter and 15.2 per cent in the third.
Prices in Madrid fell 17.9 per cent.
The situation is so bad, it threatens the banking system, and in turn threatens the the finances of the entire nation. That in turn threatens all of the Eurozone, as its neighbours wait nervously to see if Spain ends up needing a bailout.
What’s the problem?
We dug in.