Spanish house prices fell 7 per cent in the third quarter compared to a year earlier after a record drop of 7.7 per cent in the April to June period, National Statistics Institute data showed yesterday.
Third quarter house prices fell 0.9 per cent on a quarter-on-quarter basis compared with a 0.4 per cent drop in the second quarter, official data showed. The price of new homes fell 5.6 per cent year-on-year, while existing house prices fell 8.3 per cent, the INE reported.
Real estate values have been hit by sliding mortgage lending and house sales and prices are expected to have fallen by close to double digits in 2009, according to a poll conducted by Reuters in October.
Source: Business Times, 31 Dec 2009