The Spanish Housing Market Is About To Bottom

Tyler Durden's picture

Why? Because once it hits 0 in a few months, it can't go any lower.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
j.tennquist's picture

Buy now and you will not only recieve one Chia pet but two at no extra cost

But wait!  If you order in the next 10 minutes we'll include a home in Spain!  

Coming soon to an infomercial near you.

GetZeeGold's picture



Coming soon to an infomercial near you.


But wait....there's more. Buy now and we guarantee a bottom.

Sudden Debt's picture

I don't think that people trapped inside the hull of Titanic when it was going down really cared if and when it was going to hit the bottom...

AldousHuxley's picture

Spain is Mexico of Europe. winter vacation land and for brits to get drunk in.


Spain not doing well when she lost her colonies ....






auric1234's picture

It hasn't hit bottom on that either. There's still some room to go.


trav777's picture

Spain is a cool place; I was just there.  Things seemed to be ok despite the talk of catastrophe.  Life goes on.

GetZeeGold's picture



Life goes on.


In the ICU it's mission one.

myptofvu's picture

Hope what you say remains true but doesn't Spain have an alarmingly high Youth unemployment rate? That statistic usually doesn'y bode well over time.

Stuntgirl's picture

Spaniards are clinging desperately and obsessively to this image of " Things seemed to be ok despite the talk of catastrophe.  Life goes on."

When you absolutely run out of ways to stop pretending, the fall is much greater.

It breaks my brain everyday to watch people pretend nothing is goin on:

"My income has been cut by 50%, and my 4 unemployed kids are working 800 Euro jobs in Germany as engineers, but I still price my apartment at 300K, and even though I'm running down my savings to pay for grandma's medication, everything is peachy, or it will be by summer".

trav777's picture

GFD the sky is ALWAYS FALLING for you gd idiots.

Life is OK in Spain.  People are out walking around and living.  SO WHAT if they don't have as much material CRAP anymore?

Tyler should rename himself because the TD in the movie repudiated life of materialism and was FINE with less crap and more meaningful relationships; that was the central theme of the gd movie.

This place has gone to total sh!t and become a doomer goon board full of people wanting the world to explode.  You all think you're going to be kings or something because you have "lots of ammo and AR15s."  What a bunch of clowns.

Raynja's picture

Maybe Spain is ok with no material objects. That doesn't explain how the global ponzi will survive with no one buying anything (you know what zh is actually here for, not if individuals are happy our sad they cannot buy new shit).

AldousHuxley's picture

biology will guarantee that life will go on.....for now.


but the quality of life is a different but important question for those living the life.


and whether one can improve one's position in life via opportunities offered by the society is important for the future of one's life.



Gordon Freeman's picture


Thank you--very well put!

elvinodiablo's picture


I fail to see how waiting for a chance to unload your semi-autos on the civilian population is something to look forward to in the US.

Reminds me of a conversation I had with a guy in Lithuania just after Katrina blew away New Orleans. His grandparents survived the nazi siege of Leningrad when people were so hungry they ate rats and even worse in order to survive, but everyone helped out and shared around whatever food they had. Compare that to Katrina when you had a few hundred americans holed up in a stadium for 48 hours threatening to bleow each others head off for a can of coke and mars bar.

You tell me which society is more stable when the going gets tough. 

I'll take Europe any day thanks. And Spain will be near the top of the list.


Ropingdown's picture

In reverse order: An AR-15 or two and some ammo isn't expected to make anyone a king. It is simply the contemporary equivalent of the closet of weapons that was part of any non-poor house since Classical times.  The historical oddity was to see the growing and PC absence of these rarely-needed items in certain EU nations. As for the next commenter's thought that Europe is more stable in tough times, the last 95 years, or 70...clearly gives that the lie.  I spend part of each year in Spain.  I pay a "non-resident income tax" which is essentially a doubling of my RE tax plus a percentage of my maximum in-country bank balance during the year.  Meanwhile, the township government has just declared a 50% off deal for people who really live in Seville or Málaga, but agree to declare my beach town their 'main residence.'  I love my long-time friends in Spain very much, but if they don't work (or didn't) for the government, they're going broke.  My beach neighborhood is increasingly full of russians, and the nights have become more violence-infused.  Even the friend's child who has a great job with RENFE (permanent, not contract) is about to get down-sized out.  The maintenance bill for the HS trains and new highways will become unmanagable in two or three years.  I would wish they had left the Euro three years ago and let the bad banks fail.  That was their chance.  They should have pullled an Iceland.  I'll keep the house for twenty more years, regardless.  Guns, especially handguns and shotguns, are slowly proliferating, incidentally.  Corruption is rampant.  Working black is almost the norm.

tip e. canoe's picture

keyword: living : something the spaniards know how to do with much more grace, elegance & fun no matter how much confetti they have in their pockets.

AldousHuxley's picture

after losing a war or two and loss of colonies, people find out what matters more than stuff.....time.


time to enjoy good family laughter, good food, good marital relations, good weather, good health....


Americans just watch TV families fake laughing, eat shit food at TGIF, marry for all the wrong reasons, live in shitty weather like  NYC, and shitty life gave them shitty health....basically Americans are rich on paper, but poor in real life

Blankenstein's picture

All the sheep on the housing bandwagon also called anyone who didn't go along with the herd a gloom and doomer.  

Stuntgirl's picture

I KNOW if life is ok in Spain because I LIVE here.

I have NO ammo or guns, because AGAIN, I LIVE IN SPAIN.

People are walking around and living, yes, as they did just before the civil war, and I KNOW about that, because my family who WERE IN IT can tell me about it. I don't want the world to explode and can't begin to imagine why you'd say that, but I AM SEEING, CURRENTLY, a dangerous rift between the PEOPLE ON THE STREET who pretend that nothing is going on, and ACTUAL TALK OF VIOLENT REVOLUTION IN CAFES.


tango's picture

While a retirement pension is not a "thing" it is near and dear to Spainards approaching a certain age.   And the fact that the largest fund in Spain have "invested" 3/4 of their assets in sovereign debt should give pause to the most carefree citizen.  I mean, when the money folks are expecting to live on (who saves anymore?) is not there and the only way to produce it is through that same soverign debt we have a problem.

midtowng's picture

Kuhl! I've been wanting a chia pet.

ghostzapper's picture

Tyler - you are slipping man!  We need the arrow so the cheerleaders can understand the trend. 

fonzannoon's picture

Hey sorry for the OT but CNBcrap has reported a few times this am that Trimtabs has reported that 54 billion has flowed IN to Equity funds in January. That is the highest monthly inflow since some time in 2007 when people asked to be beaten again. Is that accurate? I think ZH has reported a few times that the inflow story is false.

Transitory's picture


Could it be a difference in time periods? (January vrs. Weekly). Not that it changes Tyler's premise of retail leaving equities, as inflows into equities are less than the outflow from mutual funds.

fonzannoon's picture

I am not sure. Thanks for posting that link. But there is a huge disconnect.

toady's picture

$54B equity + $31B into corporate coffers = $85B monthly fed pump.

ziggy59's picture

Seems ZHs logo applies to most things these days

falak pema's picture

yes it can, it can go negative; like the Fed Zirp in inflation terms or the German short term bonds.

"We pay you to use the toilets in our empty buildings. That way we can say our RE is alive and pissing."

toady's picture

More like pay a maintenance company to keep the grass mowed and board up the broken windows.

BidnessMan's picture

And the Munis that paid for the sewer system are valued at par!

luckylongshot's picture

And the question was "Can you say something positive about the Spanish housing market?"

Charles Wilson's picture

"I'm positive that the Spanish housing market is completely Crashed."

Shizzmoney's picture

It's gonna be great when this starts to happen in the US in 7-10 years.

Shizzmoney's picture

Unfortunately, with the unlimited QE, yes.  The can kicking will hold until Obama leaves office, but then starts to rear its ugly head as the new admin moves in (R or D).

Plus, the Baby Boomers (otherwise known as "The Last Class with Capital") will sell off their houses (or move into their last ones).  Once this class dies off, a huge devaluation of houses will probably be the biggest change this country will ever see, as it "suddenly" learns that the Baby Boomers' sons and daughters: have NO MONEY (or not enough to afford the inflation the Fed seeks with homes).

tango's picture

This is starting to happen.  While searching for rural land we ran across literally dozens of huge tracts that were - for the first time - leaving family ownership.  Grandma and Grandpapa Baby Boomers are too old to take care of it, grown kids are too consumed with keeping afloat and grandkids couldn't will work only under threat of torture.  Finally found a place - 20 acres woods/farm, 20 acres of lake.  Start infrastructure this summer. I truly worry about folks "retiring" with less than $10K (33% of all retirees) existing on dubious SS payments.  Oh well, guess that's what food stamps, housing allowance, energy credits and welfare is for. 

Headbanger's picture

Yes it could go negative with reverse mortgages

CoolBeans's picture

+100 Headbanger for your avatar.

Dr. Engali's picture

If only they had somebody to print money and buy their bonds that would fix the problem.... Hey wait a tic..

andrewp111's picture

An all-cash housing market is very different from a housing market "going to zero".

Watson's picture


And an all-cash housing market, in any sort of developed economy, is a rare thing indeed.

Others putting 100% of their _own_ skin in the game is a strong point, particularly if they do so in decent numbers.

GCT's picture

You can now get citizenship if you buy some property in Spain.  This is indeed a crazy world we live in.

ghostzapper's picture

This will be the exact strategy the US will use to try and perk things up after the next major meltdown in housing here.  Flash a few bucks, pass the background check, and upon purchase of a home you will be a citizen.  I think it will actually be quite effective given the least brutal ugly chick left at the bar scenario. 

Oldrepublic's picture

no not citizenship, only the right to live there!

Frozen IcQb's picture

...and the citizenship or residency taxation that comes with it!

Haus-Targaryen's picture

I don't feel sorry for the Spanish what-so-ever.  They want to stay in the Euro and be European.  Enjoy austerity bitchez.  


Until the people es masse are "Get us the fuck outta here ..." no sympathy and they shouldn't receive any charity either.  My tax €€€ getting stolen from me and given to some poor Latin bastard in 3. . . 2 . . . (oh wait fuck me). 

BobPaulson's picture

You are implying they have a choice. Interesting.

buckethead's picture

Spain in nice. Once the rioting stops... if one is independently wealthy, and can afford security, and doesn't mind subjugation to the ECB.... well, nevermind. Buying Spain is buying Spain's liabilities. Thinking it through doesn't make the picture any prettier.