An interesting article and one which mirrors my own opinion.
Spanish banks have finally realised the true extent of the situation and are currently heavily discounting their holdings.
The trouble is from an investors perspective the situation became considerably worse in the latter quarter of 2010. The banks held on far too long before making a move and now even the discounted stock looks relatively poor value.
With equities booming and an expected up tick in all sectors in the USA during 2011 and serious Eurozone debt worries the Spanish property markets look dead in the water for some time to come.