Drawn from the INE's Spanish unpaid merchandise statistics, the chart shows the number of occurences breaking above the 500,000 mark, for the first time since 2003, in the spring of 2008. The number, in blue, has now dropped below that figure and into the high end of its normal range since 2002. Notable is the exuberance of the red line representing the average (and unadjusted for inflation) value of these returns beginning in mid-2007. It is falling quickly, but still has a ways to go before making its way back to expected levels. That would be continuing hangover from the credit/expectations bubble.Astute readers will note that both of these measures of stress (but especially the latter) led GDP stats by a good temporal margin.
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