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Reuters/Andrea Comas
Starting to rebuild.
CONFIDENCE BUILDER

Spain’s housing market is finally showing signs of a comeback

By Melvin Backman

Encouraging news from one of Europe’s hardest-hit economies: after 24 quarters of declines, Spanish housing prices have now registered three straight quarters of year-over-year gains. Spain hasn’t been on a streak like this since late 2007-early 2008.

Today’s release wasn’t all good news. In the Navarre region, for instance, home prices fell 6.9% and 4.2% for the third and fourth quarters respectively. And the country’s ongoing foreclosure crisis remains a huge national issue.

But Spain has spent the past few years yo-yo-ing in and out of recession, and its unemployment rate is still deep into the double digits. In that kind of environment, even minor victories are appreciated.