Is the Spanish economy doomed to collapse? | SpanishNews.es

Is the Spanish economy doomed to collapse? | SpanishNews.es: "Spain once enjoyed a booming and flourishing economy with foreigners flocking in from around the globe to get a piece of the action, buying up property like there was no tomorrow. But with the global economic crisis taking its toll on nations around the world, the real estate boom in Spain has come to a grinding halt. Over 1 million homes unsold and sellers desperate to sell dropping prices, with some luxury villa owners even knocking off a million euros from their asking price. Reuters reports: “Spain house prices unlikely to find floor before 2011“, claiming that prices will drop by up to 50 per cent."

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