Since 2007, some 400,000 families in Spain have lost their homes to foreclosure.

In many cases, homeowners purchased properties at inflated prices during a long-building housing bubble after they were approved for a substantial mortgage loan with highly favorable conditions.

The collapse of the real-estate bubble left many Spanish banks saddled with toxic assets and sent the country's economy into a severe tailspin.

Spain is mired in recession for the second time in four years and the unemployment rate stands at a record 25.02 percent. EFE

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