[mike]

This article on Spanish banks

http://www.guardian.co.uk/business/2008/jun/09/europe.europeanbanks

has this wonderful comment

In an attempt to restore confidence, Spain’s deputy prime minister, María Teresa Fernández de la Vega, said that the government would launch a series of measures to regenerate the construction industry, one of which includes a public housing programme.

You couldn’t make it up

[Anonymous]

mike wrote:

This article on Spanish banks

http://www.guardian.co.uk/business/2008/jun/09/europe.europeanbanks

has this wonderful comment

In an attempt to restore confidence, Spain’s deputy prime minister, María Teresa Fernández de la Vega, said that the government would launch a series of measures to regenerate the construction industry, one of which includes a public housing programme.

You couldn’t make it up

Does n´t this stupid woman know there are 2 million properties for sale,? on past performance she probably does not.

[mike]

@135yearswaiting wrote:

Does n´t this stupid woman know there are 2 million properties for sale,? on past performance she probably does not.

If she spent money fixing up or completing developments for social housing that might help. Mind you, it would upset some who had purchased off plan on those developments.

[Anonymous]

Ridiculous though this may sound there has always been popular political support in Spain for a building program that would give affordable housing for all, even the very poor. I’m sure this is all down to the spanish socialist traditions. But there is a danger with this mentality, and it is related to the 2 million surplus spanish homes that the idiot developers/estate agents have left us with

Anyway, after a few more years of compounded misery with falling property prices people will realise that difficult times call for difficult measures. Right now many people are still in denial about the impending property crash, just look at some of the people on this forum. They would happily ignore all the warning signs and believe in 20 % property inflation for the next 10 years.

With a few more years of high interest mortgages, rising energy/food costs there will be more mortgage foreclosures in spain. Sounds far-fetched ? , not really – look at the USA. Entire neighbourhoods in the old car-making districts are now derelict crack dens.

Then someone will kill 2 birds with 1 stone, a brave young spanish politician perhaps, in a few years from now. By then, there will be entire urbanisations stood empty and the developer that built it will be long since bankrupt. The government will sieze the empty properties and start moving in the bottom rung of spanish society. Some will be the plain hard-up, hard working, over mortgaged on a home that halved in value and went bankrupt. Then there will be the overseas workers that we all know and love, you see them on building sites all the time. And this will be in a development near you in a few years time.

[Author]

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