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Spanish housing fantasy

Posted on 20 November 2012

Madrid offered some relief for Spanish homeowners facing eviction last week, just as Spain’s largest property valuation company announced that home prices fell in October at the fastest rate since the start of the economic crisis. Spain’s five-year-old housing bust still hasn’t found bottom, and temporary palliatives will only postpone the reckoning, both for homeowners and for the Spanish economy.
Last week’s decree prevents banks, for two years, from evicting the long-term unemployed and families with annual income below €19,200. The government will also create a “social housing fund” to develop more low-rent housing. The cabinet rushed the measures into place after the suicides of two people facing eviction sparked a national uproar………………………………………..Full Article: Source


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