TEXT-S&P says recovery in Spain implies a 25% fall in house prices
Reuters
The Pain in Spain continues: Looks like the final nail in the coffin, courtesy of the Big 3 Rating Agencies which are shredding the life force from the global Sovereign & Banking System……the entire system is on life-support right now……..What bailout?
“This means a comparable drop in store for Spanish bonds and all the related securities in Europe, which courtesy of the bailout, are all now daisy-chained“….Zerohedge
Reuters:
S&P: "Spanish Home Prices To Drop Another 25%"
“For Spain's housing market to recover, household debt, which is still high, needs to come down further, implying years of weak credit demand.
Because of the heavy weight of unsold housing stock, we believe that the correction in housing prices is likely to be deeper and more prolonged than in the previous cycle.”