There remains debate over whether America's housing market has truly bottomed, but it's certainly not as bad as it was during and immediately after the recession.
The same cannot be said for Spain.
The AP reported Thursday home prices fell 14.4 percent year-over-year in the second quarter and 15.2 percent in the third.
Prices in Madrid fell 17.9 percent.
The situation is so bad, it threatens the banking system, and in turn threatens the the finances of the entire nation. That in turn threatens all of the Eurozone, as its neighbors wait nervously to see if Spain ends up needing a bailout.
What's the problem?
We dug in.
The busting of Spain's housing bubble was one of the first international ripple effects of Lehman.
It has not stopped since.
Since Q1 2011, the rate of quarterly price declines has accelerated — to -15.2 from -4.1 in Q3.
See the rest of the story at Business Insider
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