[Anonymous]

Not happy reading.

The article’s in Spanish, so use Google translator if your Spanish isn’t good enough.

Mind you, the article doesn’t saying anything we didn’t know and haven’t discussed here for years.
http://online.wsj.com/article/SB10001424052970204479504576639052431302260.html

[logan]

…………….and here is yet more bad news.
http://www.bloomberg.com/news/2011-10-24/spain-slipping-on-deficit-means-chances-of-contagion-increase-euro-credit.html
As I have posted on here many times the semi autonomous regions of Spain are ruining any realistic hope of overall deficit reduction.
If the Spanish government believe that property prices have dropped only 18% since 2008, so Marks article suggests, then they are living somewhere other than reality.

[Anonymous]

Here is the WSJ blog article in English:
http://blogs.wsj.com/source/2011/10/18/spain-continues-to-feel-the-housing-pain/

[logan]

Some valid replies in the comments section. Here is one I have copied.
Carmen Bejarano – mavis7150@gmail.com wrote:
To the closing costs listed above, others have to be added: the mortgage costs (charged by the bank) and the special taxes imposed to foreigners: there is a so call “imputed” tax to real estate owned by foreigners, in which the appraised value of your real estate is considered “income”, and taxed accordingly. SPAIN IS A SHYLOCK COUNTRY in terms of taxes and other exactions, and NO FOREIGNER INVESTOR IN HIS RIGHT MIND SOULD INVEST A PENNY IN REAL ESTATE IN SPAIN. He’s is going to inevitably lose…

Came to the same conclusion myself over a year ago.

[Author]

Posts