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CA Economic Fundamentals 2008-12

joeiannuzzi

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Spain risks homespun subprime quandary

MADRID - Spain escaped exposure to U. S. subprime assets but risks its own property debt crisis in 2009 as defaults soar among real-estate and construction firms that account for half of all Spanish corporate credit.

More than 1,000 Spanish property and building firms will have filed for bankruptcy protection in 2008 and more than 1300 could follow suit next year as they struggle to repay more ¤470-billion (US$657.9-billion) in debt, according to Pricewaterhouse-Coopers.

http://www.nationalpost.com/todays_paper/s...html?id=1124681
 

joeiannuzzi

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Canadian housing looks stable compared to U.S.

House prices continue to plummet in the United States, but the consensus in Canada remains that the impact of the downturn will not be as severe here.

Home prices in 20 major U.S. cities are now falling faster than at any point on record, hit hard by increasing foreclosures and slumping sales. The S&P/Case-Shiller index declined 18 per cent in October from a year earlier after dropping 17.4 per cent in September. The gauge has fallen every month since January 2007.

http://www.timescolonist.com/Homes/Canadia...9949/story.html
 
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