Spring is officially here and it brought new hope to a number of counties around the world, especially those hit hard by the current recession. Last winter was probably the most difficult to bear in Island. This small country between Europe and America has not only a very cold climate, but is also now in a middle of economic crises of catastrophic proportions. 

The failure of the country’s biggest banks in October 2008 eliminated more than two thirds off the value of the local currency last year and pushed inflation to almost 20 percent while sending unemployment to a record high.
 
 The outlook for the rest of this year is grim. Experts predict a 10.5 percent economic contraction (!!!) which in turn, may help contain the runway inflation.  You can learn more about economic troubles of Island on my favorite economic blog – Planet Money.

In this country we face a rising wave of foreclosures after a number of self-imposed foreclosure moratoriums ended last week. Buyers take advantage of extremely low prices not seen on real estate market for a decade or more. You can see a number of foreclosed houses, foreclosed condos and other bank owned properties in Cook County by visiting www.arlingtonheights-realestate.info