Autonomous Regions Responsible for Flood of Foreclosed Properties Set to Hit Spanish Market in 2011
There are now around 100,000 foreclosed homes on the market in Spain according to Madrid-based Pisos Embargados de Bancos, a company that lists a quarter of that amount on behalf of 25 Spanish banks. They estimate this figure will triple to 300,000 in 2011. But who is responsible for this unprecedented situation? The answer may lie at sub-national level.
Whilst Spain's Economics Minister, Elena Salgado, is bullishly telling CNN that Spain has "absolutely no need" for an Irish-style rescue and Prime Minister Zapatero continues to be confident that the Government is doing ...