This article at Bloomberg today is well worth the read. I warn you, it’s not cheerful 🙁
There is quite a big contradiction in this paragraph:
“Spain has 1 million new homes that won’t be completely absorbed by the market until the middle of 2017,” Fernando Acuna Ruiz, managing partner of Taurus Iberica, said in an interview in Madrid. “Prices will fall a further 15 to 20 percent in the next two to three years.”
I mean, they have a huge excess of homes that nobody seem to want but they only predict a lean 15%-20% price decrease??? Are they joking or just being ignorant?