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AFPCranes erecting the Pelly tower under construction in Seville.Spain’s property bust is only getting worse. The wonder is that the country’s economy and banks are still this resilient.The Spanish government said Tuesday that housing prices remained in free-fall in the third quarter, dropping 5.5% from a year earlier, the biggest decline since 2009.This makes Spain, in many senses, the worst case of a property bust in the developed world—the country is already deep in its third consecutive year of falling prices, with no rebounds.Last year, the pace of decline slowed significantly, signalling some light at the end of the tunnel, but another metaphor is called for instead: that last year’s respite was nothing more than a dead cat’s bounce.The...
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