Home Prices in Spain Drop 14 Consecutive Quarters; Banks Stuck with Major Losses Not Marked to Market; Expect Conditions to Worsen

"The Spanish banking system is in far worse shape than most realize because of unrealized losses related to Spain's imploded housing bubble. Various austerity measures and tax hikes to bail out French and German banks will greatly exacerbate this problem.

Please consider Spain Banks Face 43% Price Fall on Repossessed Homes..."

at http://globaleconomicanalysis.blogspot.com/2011/12/home-prices-in-spain-drop-14.html