Lately, in any place of the world, the economists are being consulted on the repercussion of the hypothecating crisis of the United States in the local economies. In no place the opinions are unanimous. If we analyzed the Spanish case, I believe that the crisis already is affecting the economy, mainly, through real estate sector. For more than one Spain decade he has come enjoying an impressive boom in the sector of the construction. A phenomenon that helped to sustain a growth in the surroundings of annual 3% and got to suppose 20% of the Internal Gross Product of the Spanish economy, meaning today, around 9%. The International Monetary Fund today announced its forecasts for the Spanish

real estate market. According to the organism, the price of the house is sobre estimated between 15 and a 20%. That is to say, to medium term, the prices of the house will tend to fall (in real terms) in that proportion. The problem is in which the growth of the Spanish economy strongly is sustained in the growth of the construction, lower prices together with the strong reduction of the loans on the part of the banks as much for the buyers of buildings like for the promoters, would take to a fall of the speculative activity and to the aim of the conception of the building like an active deposit or of investment. The certain thing is that as much the construction as the real estate market comes in a decreasing process from mid 2007. Today, for a real estate one, to sell a house takes to him around 11 months against the 3 months that delayed in making specific the sale at the beginning of 2007. The deceleration surprises the analysts by the vertiginous rate that is receiving. Of the 400,000 buildings that the Association of Real estate Promoters of Madrid hoped that they were constructed in 2008, everything indicates that they will hardly be the 300,000 houses that will be materialized. What it more worries as much to the operators about the sector like the economic authorities they are the consequences that slowing down of the investment in Spain will bring, much majors that in any other European country given the strong level of activity that maintained the sector until beginning the crisis.