Housing bubbles have been discussed and closely linked to current world economics since 2008. This paper takes a case study approach to the situation in Spain in terms of its economy, the housing market and the ongoing economic crisis. Unique aspects of the Spanish culture and historical idiosyncrasies are included for the reader to compare and contrast various international settings and economic machinations. Micro and macro factors are incorporated in order to allow the reader to evaluate the complexity of the ongoing crisis, options and potential alternatives. The unique burden the Spanish housing bubble places on young adults, those most dramatically affected by Spanish unemployment levels, is also broached.