2007

A skinny dog fleas and if everyone is Fox not enough, take a magnifying glass to see if they are smaller. lately had heard some disturbing terms and unknown to us as stagflation and deflation, so now we take a magnifying glass and found the new ‘ecoflacion’ or what amounts to the same, the expected price increase due to the needs commitment to the environment. Months ago, The world in its science section echoed this term. In general, the year 2007 is marked by a gradual rise of the Euribor, a contraction in sales and housing construction, as well as a slowdown in price growth, coupled with an international financial crisis and a deterioration of presumable the Spanish economy.
In March, the ECB raises interest rates by quarter points, to 3.75 .
In April, 24 takes place La Jolla on Tuesday, a black day for the entire real estate industry that at times you lose in one session 20 The Ibex 35 back 3 San Diego drawn by the prices of which Astroc plunges 60 (3,000 million euros) for conducting an audit of its accounts. Other notable real estate is suffering losses: Colonial, -13 , Inmocaral, Fadesa and -11 , -10 . The building also fell purely: Sacyr, ACS, Acciona and FCC 6 . Euribor 12 months rises to 4.48 .
On June 6, the ECB raises the official interest rate to 4 . The IBEX stock index down 2.52 in a single day due to breaks in the price of real estate and construction The 13th is known that investment the Bank of Santander, among other organizations and CNBC companies, sells almost all its property in Spain On June 26 Closing Bell the UN asked the Spanish government to warn citizens of the emerging “crisis inmobiliaria ” which, according to the agency, is coming The 27th was published in Asset Management the press national circulation data show that 27.6 of the flats for sale in Barcelona and 27 in Madrid (the two great capitals of the country) reduces the amount requested in a 5 average in the last quarter
In early August 2007 and in the context of San Diego a mortgage crisis international central banks begin to take steps to prevent the financial turmoil caused by subprime mortgages (high risk) in the United States. From 9 ECB, Federal Reserve, the Bank of Japan and the Bank of Canada, among others, to inject the market come in several items, several hundreds of billions of euros in different currencies for liquidity in the system, unprecedented since the attacks of September 11. The measures taken do not prevent continued turbulence on the stock exchanges during the following weeks The analysts identify the origin of the crisis, among other factors, the U.S. housing bubble, formed between 2001 and 2005. Also in August the Bank of Spain confirms the slowdown in the growth in house prices, which is located at the end of 2006 levels in 2000. On the other CNBC Making Sense of the Markets hand, there is an upswing of late: from 0.693 to 0.706 in May La Jolla to pass in June, a level still considered low since the financial institutions, but whose CNBC’s Closing Bell growth raises concerns about the health of the Spanish mortgage system, 98 According to some sources that would share the credit risk of 3.5 . In August knows lowering floors constructed and reduced expectations for sales and profits in the construction sector. Furthermore, the continued rise of the Euribor finance bill begins to move to the income of the Spaniards, according to consumer associations.
Faced with this news, the Asprima (Asociacion de Promotores de Madrid) issued a report dated June 2007, which supports a cycle of change, but put the weight of construction in GDP and employment as well as household debt, taking account of the diversification strategy of the industry to ensure its future.
For its part, the sector of real estate San Diego agents begins to suffer the consequences of the slowdown in sales, closely linked to changes in interest rates, reporting on numerous real estate closings.
In September, Spanish Economy Minister Pedro Solbes admits that living moments of ‘uncertainty’ in the Spanish funds economy and global while the press is beginning to define the situation of credit crunch. In the same months suspension of known and Grameen Group Llanera, two eastern real estate.
The month of October is marked by contradictory economic news. In Spain a sharp increase in inflation, which grew by 0.9 in one month coupled with a sharp increase in stock profits. At the international level, youtube a decrease of the Euribor, and lower interest rates by interview the FED, combined with a sharp depreciation of the U.S. Dollar against the Euro, as well as a rise in oil prices. In this context, the news of the Spanish property market begin to describe the symptoms of what could be a crisis: drops visa, pre-sales, and mortgages.
In late 2007 the news of a sharp crisis FOX news in Spanish real estate sector Asset Management are widespread, established the first connections between the U.S. mortgage crisis, the international credit crisis and the economic crisis in Spain and particularly in the Spanish construction industry

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