Like the policeman in Casablanca, who pretended that he was “shocked, shocked” that gambling was going on, El Pais professes surprise that Europe’s miracle economy has a housing crisis. Who would have thought that? Housing sales were down 27% annually in January, the Euribor to which Spanish mortgage are linked is rising, and Jean Claude Trichet is saying that worse is yet to come. (…). It also appears from some of the comments quoted in the El Pais article that many Spanish officials believe that their housing downturn is the result of the global financial crisis (presumably via the Euribor), not of the extreme overvaluation of Spanish property prices (which in our calculation will have to fall in the range of 30-50%).
Março 27, 2008
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