A million unsold houses a small hurdle?
And they’ve always said that it wouldn’t repeat itself because things were different, like this time – corruption, bent lawyers, too many houses being built
If you read and understood my post correctly, I only called the corruption, bent lawyers and the housing glut as “extra ingredients” to the bigger economic picture.
Different ingredients mean you end up with a different cake – this is not history repeating itself in my view.
Incidentally the UK has none of these three elements to the same extent as Spain (in fact UK is facing a housing shortage) yet it is predicted the market there will still fall over the next couple of years, some financial institutions (demented parrots or not) saying by up to 20%.
So how you see that in Spain “prices will recover starting from next year” is beyond me. We shall both see who’s right next year. 😉