Madness in Spain Lingers as Ireland Chases Recovery

From bloomberg.com

From atop the stone walls of Avila, Spain, a medieval city an hour’s drive northwest of Madrid, beyond the parking lots and empty playgrounds and thousands of vacant new apartments, a construction crane can be seen moving on the horizon as building continues. “Avila isn’t an exception,” said Jesus Encinar, co- founder of Madrid-based Idealista, Spain’s largest property website, and an Avila native. “It’s a small-scale example of the madness that gripped the whole real estate industry.” In the stages of death of a real estate boom, Spain is still in denial. In Ireland, they’re moving toward acceptance. ... (full story)