I've just read on El Mundo: "Los promotores: 'Antes de bajar los pisos un 30 o 40% los regalo al banco'". The genius that makes such a statement also ask for collaboration from "Comunidades autonomas" to free up terrain to increase construction.As I said, are we idiots? Let's take 5 seconds to analyze this:
- We have too many houses on the market and nobody can afford them (at least 800,000 new houses are unsold according to last year figures)
-House trading has fallen more than 60% (in the US, the house market is at a 60 year low in terms of trading)
- House prices have fallen for second year in a row in Spain (7% in 2007, > 15% in 2008)
- The real estate bubble is behind the financial crisis
THEREFORE
- We need to build more houses!
Simply brilliant!
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