We advised the International Monetary Fund (IMF) in its latest report prospects for the housing sector are more shadows than light, and predicts that the crisis will not send in the short term may last up to eight years. And it reminds us that the IMF dobredimensionado the housing market boom a result of 2000-2007, has left us a legacy considerable surplus of unsold homes, mortgages whose amount exceeds the value of the house and a large labor force not has been absorbed by other sectors, which will keep the unemployment rate high and low demand rebound in housing acquisition. We
IMF warns in many regions of the world, the real estate sector will a burden that will slow economic recovery in the short term and will remain a risk to the stability of banks. He adds that in countries like Ireland or Spain growth will be slower due to the great boom was the construction during the boom years, with easy access to credit and a disproportionate rise in prices, which eventually degenerated into a disproportionate construction industry that led him to become the engine of the economy.
If in 2006 the weight of construction in the English economy was 12% when the rest of the euro zone was less than 7% on average, of course the puncture of the housing bubble would have a more severe here than in other industrialized countries on production, growth and unemployment. And is that the higher one climbs, the harder the fall.
