Spanish Property Glut Shrinks

Spain had 614,000 new homes sitting unsold at the end of 2008 -lower than most analysts' estimates- according to the first major housing ministry study, which surveyed or visited 6,810 real estate companies, or around 70 percent of the sector.

The survey is the first attempt by any public or private body to pin down the size of the stock of unsold Spanish property -estimated at over 1 million homes by some economists- using a methodology similar to the respected Royal Institution of C…

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