Housing oversupply still increasing

January 25, 2011 at 12:40 pm Leave a comment

housing oversupply

Over the past year,  34 000 new homes were added to the oversupply in the Spanish real estate market. The total number of oversupply reached 730.000 homes. Now that’s a big number!

Not even the revival of sales in 2010 due to new VAT on homes couldn’t help! In the period between November 2009 and October 2010, which was the last month with official figures, 14 communities reported increasing oversupplies of new homes. Valencia is “the champion” with more than 15 000 new unsold homes. Valencia is followed, far behind, Galicia, whose stock rose with 4,462 homes. Behind them, is Andalucía (2,962 homes, 8.7%) and Aragón (2,866, 8.4%).

source: expansion.com

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Entry filed under: News, Real estate.

Quickies: Fitch Ratings Agency predicts a contraction of 10-15% in the real estate market In order to be attactive, housing prices should fall another 24%

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