Spain's Zombie Developments

By Bloomberg Photos - 2013-03-26T10:56:24Z

Photograph by Markel Redondo/Panos

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The recession is extending into the first quarter amid weak domestic demand, the Bank of Spain said Feb. 28 and the International Monetary Fund expects the economy to shrink about 1.5 percent this year, triple the contraction projected by Prime Minister Mariano Rajoy, who says the economy will return to growth in the second half.

In the third quarter, home sales were down 71 percent from the peak in the second quarter of 2006, according to data from the Ministry of Public Works. Spanish banks granted 274,700 new mortgages in 2012, a drop of 80 percent from 2006, data from the National Statistics Institute shows.

Left, a palm tree sits on a deserted street at the unfinished Mar Menor Golf Resort.