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Spanish Home Prices Plunge Most On Record
Despite reassurances from D-Boom that "Spain can once again be the engine of growth for Europe," the troubled nation appears to be going from bad to worse. House prices dropped 9.7% YoY in Q4 2012, its biggest drop on record, taking the price back to 2004 levels. This price pressure merely exacerbates the Spanish banking system's delinquent loans and drives up unemployment. But Spain is not alone, Slovenia, which many have their eye on for being the next bail-in, saw house prices slide 8.8% according to IBTimes. Perhaps there is a correlation between house price bubbles (cough US cough) and banking/sovereign collapse.
Growth Engine?
House prices fell at the fast pace on record in Q4 2012...
and Spanish non-performing loans are increasing at an ever-faster rate to September
as unemployment surges to all-time record highs...
Chart: Bloomberg
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Who can afford housing in Spain?
They spent all their money on going green. Standing orders on the borders....Al Gore is to be shot on sight.
Yes how are all those solars going ????
They are now diverting the solar to the wind fans which are now powered in an attempt to blow all the Troika bullshit gas back North.
I thought they used searchlights on their solar, which produced electricity to drive the giant fans, which produce flow for the wind farms, which produce electricity for the searchlights.
Am I getting this right?
That's an eerily good metaphor for the European debt crisis.
They're gonna need a helluva lot more fans!
All of that wind power and still unable to reflate a bubble?
"Watch and learn. Watch and learn."
---Helicopter Ben
http://www.youtube.com/watch?v=CB2SluAUWJA
A video explaining what's happenign in OzLand.
From your video, the $1.2 trillion(aus) of Aussie mortgage debt is nearly the same as the GDP of AUS.
Fitch warns NZ banks of housing bubblehttp://www.forexlive.com/blog/2013/04/09/australian-overnight-press-fitc...
Aus bears scary resemblance to pre-collapse Irelandhttp://www.yourinvestmentpropertymag.com.au/news/aus-bears-scary-resembl...
Housing bubble spectre raisedhttp://www.brokernews.com.au/news/breaking-news/housing-bubble-spectre-r...
Exposure to housing could come back to bite ushttp://www.smh.com.au/money/borrowing/exposure-to-housing-could-come-bac...
The Spanish CSP technologies are doing well outside Spain, but inside Spain, there isn't any new CSP plant to be built for the time being. Concerning PV cells, they are mainly built in China.
The idea that home prices should have a relation to household earnings or the ability to make rent or mortgage payments is a barbaric relic.
Had much more to do with greasing the skids for their developers and having completely non-recourse loans than their green energy shenanigans.
well... bitcoin "investors" used to be able.... but that's so 10th of april news...
All private jets spoken for as hedgefunds fly off to Spain to steal some properties and leave nothing for the common man to try and buy and get a come up.
That's actually a great idea.. have all that hedge/sovereign wealth fund money pour in and scoop up the valuable bits of the carcase and then in a few years the patriotic youth can come of age and annex that shit paybacks bitchezz.
And who is going to prop up the infrastructure in that shit-hole of a country? Global recovery just around the corner? There are going to be buyers to flip the RE to once everything is said & done?
LMAO
Which by all means proves that D-BOOM is what it is : a FUCKING IDIOT.
Only 10% more to the trendline, Spain. You can DO IT!
Housing bubble pops are definitely relevant with regard to Banana-Macaque countries such as Spain. Also, "Spain can once again be the engine of growth for Europe" LMAO.
"Spanish non-performing loans are increasing at an ever-faster rate to September" - Excellent, as Lenin used to say, "The Worse the Better, comrades!"
What happened to the money above the red horizontal line?
REallocated...
Back to 2004 levels? - Garbage. 15 years ago this grade of apartment would have cost more than today
http://www.ebay.co.uk/itm/Bank-Repossessions-Brand-New-2-bed-2-Bath-Apts...
"PRICED AT JUST 41,100 EUROS = APPROX £33,900 ( Exchange rates vary )"
Not bad.
Call me up when they'll be selling whole complexes at cost.
I'm going for those 5 FOR THE PRICE OF 1 deals...
Not sure about the realistische chance of that that happening, but "Whole floors up for sale! BARGAIN PRICES" could turn a few heads.
You realise these are going to look like this:
http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2012/5/14/1337...
Given a year or two.
Ahh yes, beautiful uptown Easterhouse, Glasgow.
When the Scottish utopian freedom arrives, sites like this will vanish. The riches will abound.
Heard the latest outrage? The other 90% of the UK now expect us to pay for the other 90% cost of our humble parliament building!!
Can't be helping that Spain is going after ex-pats money.
But my realtor said,"House prices never go down."
WTF !
and a woman's tits defy gravity FOREVER!..
The bigger they are, the harder they fall, one and all. - Bob marley
J I M M Y C L I F F
Wait two years, buy a villa for two bitcoins and get some change.
The correlation between house price declines and bank collapse is THE reason for the Fed to push QE. The Fed wants to make all those underwater mortgages (held by banks!) turn green even if it has to print lots of greenbacks.
housing is a symptom or a manifestation, not the cause. It's the monetary system specifically. It's debt money loaned into existence with interest attached. The system provides the appearance of normalcy as long as aggregate debt can be in a state of constant expansion. Every debt bubble along the way is just support for the system. We are at the end of the line, I believe.
when people talk about "economic growth" as a way out... Economic Growth mean expansion of debt. It's the same thing in our system.
Back in the USA:
From CNN Money:
Foreclosure filings -- including notices of default, scheduled auctions and bank repossessions -- during the first quarter fell 23% from a year earlier, the lowest level since the second quarter of 2007.
Last month, banks repossessed just under 44,000 homes, within striking distance of the pre-housing bust monthly average. At the height of the housing meltdown, in September 2010, repossessions topped 100,000 a month.
"We're getting back to normal and will be there by next year," said Daren Blomquist, vice president at RealtyTrac.
This is so Fuukin POSITIVE i CAN'T BELIEVE MY EYES. No one is lying, no one.
"We're getting back to normal and will be there by next year," said Daren Blomquist, vice president at RealtyTrac.
No way. Even if mortgage rates stay at the current low, manipulated rates.
See you in 2035. Fuck you, Daren.
Bicycle Repairman,
I feel like I am living in another universe. You watch the news and read news websites you see one story; drive around in any neighborhood and it's unreal.
If someone told me twenty years ago that this would be happening I would have call 911 and had him hospitalized.
My aunt has been livng in her home for two years without making a single payment. There have been four short sale offers and the bank has refused them all. So she stays without making a payment and the bank is happy to let her.
It keeps the home off the books.
Europe has survived worse. I'm looking at property in Italy this summer to eventually buy. Been waiting for awhile.
Good luck with that, friendo.
My name is Inigo Montoya. You stole everything. Prepare to die!
OK, I think I have finally got this European Union thing figured out. Here it is:
It is political union designed to further greater political integration and prosperity while avoiding war.
All is well, except that Spain says it is not Greece.
Greece says it is not Cyprus and Portugal says it is not Greece either. Even Cyprus says it is not Greece. Ireland has tried to clarify its position by saying it is neither Spain nor Portugal while Italy says it is not Spain. Meanwhile, Iceland says it is not any of them and all of them are not doing what Iceland did, most likely because they cannot find Iceland on a map. Cyprus just got beaten up by Brussels and Berlin although it was a Dutch guy that was seen holding the stick. Germany has just told Portugal how to run its courts while Finland says it does not want to be Greece, Spain, Portugal, Cyprus, France, Ireland or Iceland. Belgium has no comment to make as it does not really have a government, but it does have busloads of Eurocrats who all agree the EU is great – even though they just announced they will not bail out Cyprus but they will bail out themselves to the tune of another 10 billion Euros.
The whole thing might really run by a German woman who holds an even bigger stick than the Dutch guy and the stick is called a Trident or a Troika or something like that.
To top it all off, the African country of Uganda has says it does not want to be compared to Spain or any of the rest of them.
There. Got it. That was easy to understand.
Now, seriously. Would you leave your money in a bank in one of these countries?
Why not follow the US lead - print 45 billion euros per month - give that to Back Rock at zirp - and force BR to buy foreclosed properties thereby creating an upturn in property sales and prices
the charts look like a fucking crime scene: BECAUSE IT IS