"More recently, the Spanish economy had benefited greatly from the global real estate boom, with construction representing an astonishing 16% of GDP and 12% of employment in its final year. According to calculations by the German newspaper Die Welt, Spain had been on course to overtake countries like Germany in per capita income by 2011.[14] However, the downside of the now defunct real estate boom was a corresponding rise in the levels of personal debt; as prospective homeowners had struggled to meet asking prices, the average level of household debt tripled in less than a decade."
16% of GDP
12% employment
one could say at the very end of the bubble until now only 2% of those people were needed for the housing industry
so yes i am sure
this is why i dont subscribe to massive drops in housing, but 20% seems possible
the "govnut's" "bubble bag" still has plenty of ammo
