Prices are falling in some areas, but because many properties are second or holiday homes, owners are reluctant to drop asking prices, unless they are anxious to sell. It was reported that many small constructors and developers have closed down in the past few months in the Valencia region, about 20% of the 13, 000 plus. Many of these small enterprises are in fact, front companies for the larger ones- they hire the illegal workers, enter into the shady deals, etc. and when things go wrong they simply fold their tents, declare bankruptcy and disappear. While the number of employees in major enterprises has recently shown a small increase, these numbers do not account for the thousands of contract , temporary or illegal workers who have been let go in recent months. To avoid paying for the August vacation or being forced to hire on a permanent basis, many thousands of construction workers were dropped at the beginning of the summer holiday period. There appears to be no way of knowing how many have been hired again, but the downturn in construction suggests that very few have work-and most have no social security net to fall back upon.
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