| Date: October 21, 2010 | Source: AlertNet |
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Loading ... The rapid deterioration of the Spanish economy and the lack of liquidity conditions in the property market have forced banks to make a record number of foreclosures in Spain since 2007, according to a report by Moody "s Investors Service.
These foreclosures rising severity of losses and strangle the liquidity of residential mortgage-backed securities, says a report on litigation processes mortgages in Spain, signed by Vice President Moody 's Alberto Barbachano.
The volume of foreclosures in Spain taken to court increased by 126% in 2008 and 59% in 2009 year on year. Only in the first quarter of 2010 there was record of 27,561 foreclosures, says the firm.
In more benign economic times than today, Spanish borrowers struggling to meet their payment obligations have been able to sell their homes relatively easily to meet their debts, says the firm.
In this regard, Moody 's said that the weakness of the Spanish economy, the problems facing the housing market and high unemployment have forced banks to undertake implementation of many mortgages.
Nevertheless, it requires that extra-judicial proceedings have now become a solution to the lenders who resort in Spain, especially in areas where the courts are saturated and enforcement of property may take longer.
More details of the story here .
| Date: August 23, 2010 | Source: Europa Press |
Go ahead and rate this post Loading ... Surpass China in 2010 to Spain in the ranking of international tourist arrivals to 54.6 million compared to 52.7 million planned for Spain in the estimates of the World Travel Tourism Council (WTTC).
Complied with the agency estimates, Spain, therefore, lost the third position in which was placed in 2008 and placed in fourth position, behind China, USA, and France.
France will continue to hold leadership mundual with 70.9 million international visitors, followed by the U.S., with 55.5 million.
WTTC estimates that fourth place in Spain at least until 2020, when record 65.7 million visitors, far behind the 81.1 million U.S., which remains third.
This year China will have already taken to France's leadership potential first world tourist arrivals, with 1.0346 billion, up from 92.5 million the Gallic country.
In 2009, Spain retained the third spot on the podium of world tourism with 52.2 million visitors, up from 50.9 million arrivals from China, according to the latest barometer of the World Tourism Organization (WTO) , published in June.
The statistics of international tourist arrivals are moving upward in recent months. So, this morning the Ministry of Industry revealed that the arrival of foreign tourists to Spain increased by 4.5% in July, up nearly seven million, the largest increase since May 2008.
However, the general secretary of Tourism and Domestic Trade, Joan Mesquida, was today told Europa Press, more concerned about the increase in tourist spending in the sector while health is measured in numbers of arrivals.
With regard to the progress of China, Mesquida said that Spain's leadership in international tourism is "very clear", but acknowledged that efforts should be made to "improve competitiveness".
| Date: August 18, 2010 | Source: Reuters |
Go ahead and rate this post Loading ... Production in the construction sector recorded in June rose by 2.7% in the euro area compared with the previous month, an average that Spain exceeded an increase of 7.2%, second only to Romania (16 , 5%).
The increase of 2.7% in the countries of the euro comes after production in May dropped 0.7%, according to figures released today by the EU statistical office, Eurostat.
In the whole European Union, the construction also rose in June, with 3.5%, following the drop in May (0.1%).
Compared with June 2009, production in construction rose by 3.1% in the states of the euro and 5.4% in the EU.
In Spain, in annual terms, increased production reached 18.6% in June from 18.9% drop in May.
Of the fourteen member states with available data, output in the construction sector had monthly increases and decreases in eight six.
The most marked increases were registered in Romania (16.5%), Spain (7.2%) and Poland (4.5%), while falls were most pronounced in Hungary (2.3%), Netherlands ( 1.8%) and Slovenia (1.6%).
By sector, building construction grew 3.3% in June in the euro area and 5.7% in the Union after the falls in May (0.3% and 0.5% respectively).
Civil engineering grew by 1.2% in the countries of the euro and 2% in the twenty-seven, having fallen by 2.9% and 1.9% respectively the previous table.
Compared with the same month last year, the construction output rose in five and fell in nine countries.
The most significant year increases took place in Spain (18.6%), United Kingdom (13.6%) and Poland (10.2%) and the largest decreases in Hungary (19.6%), Bulgaria (17, 5%) and Slovenia (16.9%).
The construction sector experienced a building annual rise of 6.4% in the euro area and 7.5% in the EU, following decreases of 5.6% and 2.3% respectively in May .
The civil work on the other hand fell by 6.7% in the countries of the single currency and 0.6% in the EU, following declines of 9.2% and 3.4% respectively in May.
| Date: July 13, 2010 | Source: Sources |
Go ahead and rate this post Loading ... Spain, in the midst of economic depression, hopes to play the dividends of his victory in the World Cup but, beyond the euphoria reigning record-breaking unemployment and growth does not take off.
"Winning the World Cup since then is proof that when we get something we plan and also to the difficulties we grow. All that is good, confidence in our country and outside," said Monday the government Finance Minister socialist, Elena Salgado.
Spanish Industry Minister Miguel Sebastian, had indicated last Thursday that would have to be revised upwards the GDP (Gross Domestic Product) for 2010 Spanish victory in the event of "The Red". The government is committed when a contraction in activity of 0.3% over 2009.
Battered by the housing bubble burst in 2008 combined with the international financial crisis, Spain is struggling to emerge from recession, with a modest GDP increase of 0.1% in the first quarter of 2010.
The unemployment rate rises to 20%, the highest in the euro area, the deficit exploded to 11.2% of GDP and observers believe that the country faces several challenges to overcome the crisis: reform its labor market and its banking system and contain public spending.
But the victory may temporarily alleviate the evils Spanish, for example due to a boost in household consumption.
Triumph "can help the consumer," says Josep-Maria Sayeras, an economist at ESADE, warning while anyway, "there are many clouds on the horizon."
"When a society is happy, always moves to the consumer," he told AFP Miguel Angel Fraile, secretary general of the Spanish Confederation of Commerce, which includes about 450,000 retailers.
"Sure that consumption will increase. Do not know at that level," he added.
An ABN Amro Bank study made on the occasion of 2006 World evoked an increase of 0.7% projected growth for the champion, a figure that seems too ambitious for many economists.
One element that could dampen consumer enthusiasm is that the Spanish private debt is already high, 178% of GDP, and that the poor employment situation should limit consumption.
A study by the Nielsen cabinet, consumer confidence reached in the second quarter, a record low.
An economic sector that could exploit the World Cup effect is tourism, which contributes 10% of GDP. Spain is the third largest tourist destination after France and the United States.
"It is good for tourism," he told AFP Marcio Favilla, executive director of the World Tourism Organization (WTO), based in Madrid.
"In tourism promotion, the positive image is very important," Favila said, adding that cities like Barcelona and Madrid, home to the two biggest teams in the country should "capitalize on the victory as early as possible."
