From Bloomberg: Housing Market Slump `Unthinkable' in Spain, Government Says.
A residential real estate slump in Spain, where prices have almost tripled since 1997, is ``unthinkable,'' the top economic adviser of Prime Minister Jose Luis Rodriguez Zapatero said.
The solvency of the banking system and of real estate developers, as well as the unmet demand for new homes, will prevent any meaningful price erosion, David Taguas, head of the prime minister's economic research unit, said in an interview yesterday at his office at the presidential palace in Madrid.
``To talk about severe adjustments or a meltdown in prices is ridiculous,'' Taguas said in response to reports pointing to an end of the Spanish real estate boom. ``That sort of crisis is unthinkable.''
Unthinkable, eh?
Think again!
Now, that Northern Rock can't give sub-primes to Brits, who are you going to sell the excess inventory to?
Zapatero is going to be eating his zapatos before long!
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