This is Wall Street Journal article about slumping real estate market in Spain.
On 'Foreclosure Road' in Spain, Bargains Abound - WSJ.com http://bit.ly/ZB7Pk
While I've pointed out ugliness of real estate bubble in Europe, especially UK, Ireland and Spain (situation in Eastern Europe and Baltic countries are much worse), there are quite lot of similarity.
1. Spanish bubble was driven by UK investors and second home buyers. While Las Vegas/Phoenix bubble were driven by Californians.
2. There are foreclosure and builder close out bus tour in Spain like that in Las Vegas and Phoenix.
3. Property price has dipped by 60-50% in Spain (as did Las Vegas and Phoenix).
4. There are significant over supply of housing.
I guess it is sign of globalization and sharing best practice!