Thursday, December 20, 2007

Alarm as Spain's once-booming property market loses steam

MADRID, Spain: The phones don't ring off the hook any more at Spanish real estate offices, once the beneficiaries of a sizzling property market. In fact, they hardly ring at all.

Sharply higher interest rates, a glut of homes and newly jittery banks have come together to stall the engine that has driven one of Europe's top-performing economies for more than a decade. And as the market slows, so has Spain's economic growth.
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Property in Spain

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