I don’t think we’ve seen the bottom of home values in Spain. Regarding the overall economy, the problem is that the metrics used to determine that things are improving ignore the reality that it may be improving for only for some of us. In Spain, where so many are unemployed and many more are working but being affected by cuts in services and increasing taxes, the ‘despair index’ is very high and widespread.
So what if 5% of the population is benefiting from a few economic hot-spots? It doesn’t matter if the rest of the country is getting close to revolution.