According to Fitch, the rating agency Spanish property will fall a further 35% across the board, falls of this figure to run through 2013 as unemployment rises even further and then bottom through 2014 as a modest recovery begins.
Seems about right to my eye. Of course these falls are almost entirely dependent on how much the banks will reduce the stock of repossessed property.
In the States Freddy and Fanny and most banks slashed their stocks drastically right from the start. They were realistic.
In Spain it’s been painfully slow because no one wanted or had the balls to face the true extent of the unfolding catastrophe.