International
Until the beginning of the crisis, the financial system made high-risk initiatives, for masses of benefit with low financial margins, so it opted to grant credits in any way. But the banking always wins, so he demanded as collateral the endorsement of the home itself mortgaged so that, in the event of non-payment, the mortgage would lose their housing which passed auction – in addition, without leaving take responsibility for outstanding debts, making banking a large owner of real estate to the extent that, today, already does not know very well what to do with them. Private investment specialized and grew up in construction activity and tourism, but when tour of these markets are timed out by overproduction, the growth expectations were closed and caused an effect drag, added to the fundamentals of the International systemic crisis, the rest of the economy, which has intensified the depressive effects. Thus, the structural crisis coincides with a periodic industry crisis. On this occasion by saturation of markets by overproduction in the construction and the automobile, by the fall in consumption in trade and by the drastic decline in tourist activity. If a majority culture patrimonial among our fellow citizens, possibly originated in fear of shortages in old age by not expect a pension worthy, by lack of faith in an inadequate pension system, and the generalized fear future cuts in pensions, making housing a value of material security to add to the foregoing; the great demand for a large part of an entire generation in the age of emancipation (called baby boom effect); a segment of new immigration with needs of find housing, and a false illusion of investment in speculation which has been proven only usable by very few during this decade and a network of clientelist widespread corruption (black money, illegal re-qualification, etc), have all the ingredients of this false real estate boom in Spain.
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