Yeah.........but in Spain, you have a housing bubble that would make California look sane. When I went there, my relatives talked about 40 or 50 year mortgages

Yeah.........but in Spain, you have a housing bubble that would make California look sane. When I went there, my relatives talked about 40 or 50 year mortgages, and even 100-year mortgages (Your son has to cosign in some cases). There was a huge swathe of nada between Seville and Madrid, and at one point in this swathe there were 90 cranes building 10-story buildings. Anecdotes don't make data, of course, but the data I've seen also says there's a bubble; not just in Spain, but in most of Western Europe. The only notable exception is Germany.