Because some other bloggers have addressed this I thought I would too. Spanish and Latin American literature or 2nd-language acquisition with an emphasis in Spanish are fields where you can still get a tenure-track job. Virtually all of our students at Kansas, for example, have gotten such jobs. Everyone who is really, really good, and some that are a little less than stellar, have gotten jobs. Academia is a still a brutally competitive domain whatever your field, but in Spanish, at least, you have a reasonable chance of getting a job if you are good and geographically mobile.
(1) Look for specific people you want to work with. Preferably a program with at least two people you would consider working with. The program in the abstract means nothing if the best people there are in the wrong fields for you, or if the excellent ones (on paper) in the right field turn out to be jerks.
(2) Consider fields beyond the "default." You might think that you want to do Latin American narrative, because that's all that you've really been exposed to. Think in terms of other genres, poetry and drama, or centuries earlier than the 20th. You don't want to be just another specialist in the the contemporary narrative and film of the Southern Cone region, unless you think you can rise to the top of that very crowded field.
(3) As the other blog said, beware the Ivies. The problem with Ivy-league programs in Spanish is that they are very small (in number of faculty) and hence unstable. Think of the difference between a program with 5 faculty members, and one with 15. With 5 major professors, if two are fighting with each other, then your committee possibilities are slim. Also, Ivy-league professors aren't always the best mentors, because they don't feel they need to tell their students how to write cover-letter, construct cv's, etc...
(4) Look for the total package. Financial support. Good faculty willing to mentor. A department that has a track-record in placing people in jobs.
I was miserable in Graduate School because I did not choose wisely. I still came out ok, but that was despite my program, not because of it. Some day I tell that tale.