Spanish home market crashes
The housing boom that lasted a decade in Spain has hit a wall with home sales transactions falling 48% for the year this April. The falling sales began to take shape in 2007 after prices reached nearly three times their 1997 levels. Overbuilding is another factor as to why the boom hit bottom.
Last year the US subprime mortgage crisis created much tougher financing conditions and battered the confidence of investors. The following decrease in demand for homes resulted in a push for the eurozone's fourth-largest economy into recession.
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