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February 17th, 2012 
FAKE NEWS for the Zionist agenda
Property in half finished developments across Spain is being offered at
discounts of up to 50 per cent of their original prices as banks struggle to
offload a glut of real estate.
But with Spain’s unemployment topping five million – a eurozone high of 23 per
cent – and banks unwilling to offer credit, few believe the situation will
improve in the short term.
“This is the problem: Who is going to buy these homes?” said Jose
Luis Alvarez Arce, head of the economics department at the University of
Navara.
Property values across Spain as a whole plummeted 22 per cent since the
financial crisis hit Europe in 2008 and in December house sales were down 25
per cent on the year before.
Sesena was once an example of the health of one of Europe’s most successful
economies as construction boomed to provide new homes for people with a
new-found affluence.
Spain’s property boom was a key source of jobs and allowing the country’s
economy to grow at a faster rate than the rest of the eurozone before the
bubble burst in the second half of 2007.
People who did invest in properties at the new developments are now stuck
living in half built complexes without any of the promised amenities.
Sesena is marked by row upon row of empty commercial units where once it was
hoped small businesses, shops and restaurants would thrive.
Increasingly homeowners are burdened with negative equity and as unemployment
rises are attempting to sell their homes at often huge personal losses.
In the town of Yebes more than an hour’s drive from Madrid, 9,000 apartments
and small houses were supposed to be built in an idyllic country setting
next to a high-speed train station so workers could get downtown in less
than 20 minutes.
But only 1,500 were finished before developers went broke, 3,000 people live
there instead of the projected 30,000 and government officials never
launched the train service.
“The station is built, the trains are bought but they never started
running,” said Mayor Joaquin Ormazabal.
“Nothing’s going to happen until the Spanish economy comes back,” he
said. “Right now no one is thinking about building anything in Spain.”
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