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From Housing Bubble to Repossessions: Spain Compared to Other West European Countries

Author

Listed:
  • Gala Cano Fuentes
  • Aitziber Etxezarreta Etxarri
  • Kees Dol
  • Joris Hoekstra

Abstract

After a real estate boom the housing market took a dramatic turn in Spain, where repossessions and evictions are now a big social problem. Hundreds of thousands have lost their home since 2008 and many more are at risk. This paper provides a qualitative analysis of the Spanish experience and puts it into a comparative West European perspective. The risk of repossession was found to have six dimensions: the employment situation, the social protection schemes, the structure of the housing and housing finance markets, the lending practices, the house price development and the effectiveness of policies to prevent repossession. Spain 'scores' badly on all six dimensions, which explain the large number of repossessions. Only recently, and under strong societal pressure, has the Spanish government developed policies to tackle this problem.

Suggested Citation

  • Gala Cano Fuentes & Aitziber Etxezarreta Etxarri & Kees Dol & Joris Hoekstra, 2013. "From Housing Bubble to Repossessions: Spain Compared to Other West European Countries," Housing Studies, Taylor & Francis Journals, vol. 28(8), pages 1197-1217, November.
    • Handle: RePEc:taf:chosxx:v:28:y:2013:i:8:p:1197-1217
    DOI: 10.1080/02673037.2013.818622
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    Citations

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    Cited by:

    1. Sandra Annunziata & Loretta Lees, 2016. "Resisting ‘Austerity Gentrification’ and Displacement in Southern Europe," Sociological Research Online, , vol. 21(3), pages 148-155, August.
    2. Juan-Gabriel Gonzalez-Morales & Marina Checa-Olivas & Rafael Cano-Guervos, 2021. "Impact of Evictions and Tourist Apartments on the Residential Rental Market in Spain," Sustainability, MDPI, vol. 13(13), pages 1-13, July.
    3. Vinci, Sabato & Bartolacci, Francesca & Salvia, Rosanna & Salvati, Luca, 2022. "Housing markets, the great crisis, and metropolitan gradients: Insights from Greece, 2000–2014," Socio-Economic Planning Sciences, Elsevier, vol. 80(C).
    4. Josep Maria Raya Vilchez & Aleksander Kucel, 2023. "How fiscal policy affects housing market dynamics: Evidence from Spain," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 323-347, April.
    5. Aitziber Etxezarreta Etxarri & Gala Cano Fuentes & Joris Hoekstra & Kees Dol, 2013. "Análisis multiescalar de la burbuja inmobiliaria y los desahucios: La Comunidad Autónoma de Euskadi en el contexto estatal y europeo," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 3, pages 51-76.
    6. Mr. Jochen R. Andritzky, 2014. "Resolving Residential Mortgage Distress: Time to Modify?," IMF Working Papers 2014/226, International Monetary Fund.
    7. Gutiérrez Palomero, Aaron & Arauzo Carod, Josep Maria, 2018. "Spatial Analysis of Clustering of Foreclosures in the Poorest-Quality Housing Urban Areas: Evidence from Catalan Cities," Working Papers 2072/306549, Universitat Rovira i Virgili, Department of Economics.
    8. Vivien Burrows & Chris Lennartz, 2021. "The timing of intergenerational transfers and household wealth: too little, too late?," Economics Discussion Papers em-dp2021-11, Department of Economics, University of Reading.
    9. Giulia M Dotti Sani & Claudia Acciai, 2018. "Two hearts and a loan? Mortgages, employment insecurity and earnings among young couples in six European countries," Urban Studies, Urban Studies Journal Limited, vol. 55(11), pages 2451-2469, August.
    10. Jose Torres-Pruñonosa & Pablo García-Estévez & Josep Maria Raya & Camilo Prado-Román, 2022. "How on Earth Did Spanish Banking Sell the Housing Stock?," SAGE Open, , vol. 12(1), pages 21582440221, March.

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