Newly Built Ghost Towns Haunt Banks in Spain By SUZANNE DALEY and RAPHAEL MINDER via The New York Times.

“A better known real estate debacle is a sprawling development in Seseña, south of Madrid, one of Spain’s “ghost towns.” It sits in a desert surrounded by empty lots. Twelve whole blocks of brick apartment buildings, about 2,000 apartments, are empty; the rest, only partly occupied. Most of the ground floor commercial space is bricked up.”

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