Re: Re: Eurozone failure and the Spanish property market.


It does quite sadden me. I have been reading through various different posts on here and other forums. A lot imply that the market isn’t yet moving due to “stubborn sellers” who won’t reduce the price. Do you blame them though?? Most of them purchased in the boom, so never got a bargain anyway, and now face selling their home at a loss to then have to owe the banks money for years to come…. I personally would not and could not afford to drop the price. If it doesn’t sell, I will continue with rentals until it picks up and a lot of people I speak to are saying the same. I would not wish that on anyone. It is happening to people I know in Spain and it is a horrible situation to be in.
José Blanco, El ministro de Fomento, said that (roughly translated) “the housing and land is one of the main problems that needs looking into for economic recovery,” and recalled that the administration, financial and real estate sector will join forces to tackle this problem early next year He also said that “any solution must serve to further boost the restructuring of our financial sector to return to provide credit to productive sectors and families,” so there will be easier credit to aid sales and also they will be looking into helping sellers renegotiate their mortgages to avoid losing their properties… So they are starting to do something at least..hopefully, if there is an increase in interest rates or something similar, a renegotation can take place to help sellers hold on to their properties for as long as possible.