Spanish mortgage market has continued to take a battering this week

Spanish mortgage market has continued to take a battering this week after the Spanish Housing Association announced that the number of mortgage transactions has continued to fall.The number of house transactions in August fell by 36 percent compared to last year, which signalled that the situation is getting worse. Spain’s initial housing boom a decade ago meant that the economy was able to grow at the fastest rate in the euro zone. However in the aftermath of the financial crisis, the housing collapse that has ensued has taken the property market and the economy down too.As a result of its sudden demise, unemployment is now at a European-Union high of 11.3 percent in this quarter with the fear that Spain could now be the latest country that is deemed to be in recession.