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2007 In general,

2007 In general, the year 2007 is marked by a gradual rise in the Euribor, a contraction in sales and housing construction and a slowdown in price growth, coupled with an international financial crisis and a deterioration presumably Spanish economy. In March, the ECB raises interest rates a quarter point, to 3.75 . In April, 24 takes place on Tuesday a black day for the entire real estate industry that sometimes gets lost in the session by 20 The Ibex 35 backs up to 3 driven by contributions from Astroc that sinks by 60 (3,000 million) by conducting an audit of its accounts. Other real estate is suffering considerable losses: Colonial, -13 , Inmocaral, and Fadesa -11 , -10 . The building also fell letting Sacyr, ACS, Acciona and FCC by 6 . The 12-month Euribor rises to 4.48 . On 6 June, the ECB raises the official interest rate to 4 .The IBEX down a 2.52 in a single day due to breaks in the price of real estate and construction The 13th is known as the Bank of Santander, among other organizations and companies, sells almost all its property in Spain On 26 June the UN asked the Spanish government to warn citizens of the emerging “serious housing crisis” which, according to the agency, is coming On the 27th are published in newspapers of circulation National data reveal that 27.6 of flats for sale in Barcelona and 27 in Madrid (the two great capitals of the country) reduce the requested amount by 5 on average in the last quarter A early August 2007 and in the context of an international mortgage crisis central banks begin to take steps to prevent financial chaos generated by subprime (high risk) in the United States.From 9 to the ECB, the Federal Reserve, the Bank of Japan and the Bank of Canada, among others, proceed to inject the market, in several groups, several hundred thousand million in different currencies to ensure system liquidity, unprecedented since the attacks of Sept. 11. The measures fail to prevent continuing turbulence in the stock over the following weeks The analysts identify the origin of the crisis, among other factors, with the U.S. housing bubble, formed between 2001 and 2005. Also in August the Bank of Spain confirms the slowdown in the growth in house prices, which is situated at the end of 2006 in the 2000 levels.

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