A warning from Spain about the property market

Published ¤ 23/07/2009

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Almost every day, it seems, someone else wants to tell us the housing market is picking up.

On Tuesday, even the taxman had a go. Apparently the number of British homes sold (for more than £40,000) was up 15% in June compared with May. That followed Monday's upbeat message from property website Rightmove that house prices are bottoming out.
Don't believe it. If you want a glimpse of just how badly things can go wrong, take a look at what's going on in Spain...
Spain's house price crash is worse than it looks

Right now there's clearly some 'statistical noise' in the housing market. After a sharp fall, prices stabilise for a while, which can give the impression there's a pick up underway. But anyone feeling like buying a house right now should take a look at what's happening in Spain.
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