Apartment blocks in Sesena in the Toledo Provence near Madrid, Spain, seen on February 9, 2012. Only a 45-minute drive from downtown Madrid, towering vacant apartment blocks loom over empty streets and weed-filled lots. Apartments galore are for sale and rent, and prices are plunging. More than 13,000 apartments were supposed to go up here to create a mini-city for 30,000 people. But only 5,100 were built, many are uninhabited and most commercial storefronts in the mega-development are bricked shut. Spain’s phenomenal real estate crash and economic implosion has turned what was supposed to become a vibrant suburban paradise for young Spanish couples and their children into one of the most visible monuments of the country’s real estate boom gone bust.
(AP Photo/Paul White)
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