Spain=Florida. The amazing similarities of these two housing-bust markets
Spain and Florida are both in the middle of terrible housing busts. Florida's bust is one of the worst in North America and Spain's is one of the worst in Europe. Hmmmm. What is the common thread that could explain this coincidence? Let's see:
On a peninsula? Check
Hot and sunny? Check
Spanish widely spoken? Check
Tourist destination? Check
Second-home spot for pale Northerners? Check
Nope. None of those similarities seems to explain the problem. Wait! Here's one more:
Massive residential overbuilding? Check
Yup. That's probably it. Massive residential overbuilding The question now is, who recovers first? The Spaniards or the Floridians?
