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Spain woes: Homes take hammering

Posted on 13 June 2012

It has been dubbed the “Costa Catastrophe”. Hundreds of thousands of unsold new homes litter Spain’s coastal provinces – and now the banks are finally pulling the plug on developers and selling off their stock for whatever they can get.
All the major Spanish banks have opened English-language real estate websites to offload the new and repossessed homes on their books, promising discounts of as much as 60 per cent off asking prices. But many experts think that prices in Spain still have further to fall and that asking prices remain a long way from reality………………………………………..Full Article: Source


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