Spain Has Up to 1.1 Million Unsold Homes, Central Bank Says
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Spain has between 700,000 and 1.1 million unsold homes, an amount that will drag on a recovery in the housing market as prices will probably keep falling in 2011, the Bank of Spain said.
“We will see a process of gradual absorption of accumulated excess supply, which will be slow and mean that housing investment will not contribute to the growth of activity in the near future,” the banking regulator said in its monthly economic bulletin published today.