[adiep]

Not one for the squeamish. The facts are horrendous, not only all the properties but also the land !! I handnt considered the effects of the land. Idealista think there is another 30/40% to come off prices at least. The amount of repos on sale is the tip of an iceberg. Banks are not equipped to manage these huge amounts of properties, some are not even answering the phones – I can testify that is correct.

http://www.nytimes.com/2010/12/18/world/europe/18spain.html?_r=1&ref=general&src=me&pagewanted=all

Not a pretty picture.

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