Many rentals in Barcelona, according to craigslist. Not so in Madrid. I’ve been watching the craigslist for a while. I think if they bought at the peak, renting will not make it positive cash flow. The owners thought they could wait it out by renting, but it starts to eat up those reserves they had, thus getting NODs. At peak those houses in Barcelona were well over 700K, some 750Ks… Renting it for only mid 2000s would not cut it unless they put a huge chunk down – again, not that common in the bubble…
