House prices accelerate their fall

The fall in house prices across Spain has sped up according to the latest suvey from the government statistics body INE.

My stock portfolio? No, house prices across Spain

House prices in the 2nd quarter of 2012 fell by 14,4% over their price a year ago, according to government registered house prices. It’s the biggest year on year fall since 2008, and comes on top of the 12,8% fall experienced in the 1ºst quarter of 2012. In fact, it doesn’t matter how you total it up, house prices are falling and speeding up in their fall.

The regions with the biggest drops were: Cataluña (16,5%), Comunidad de Madrid (16%), País Vasco (15,6%), La Rioja (15,2%), Islas Baleares y Cantabria (15%), Aragón y Navarra (14,5%).

Lowest drops were Canarias y Asturias (14,3%), Comunidad Valenciana (14,2%) Castilla y León (14%), Andalucía (13,1%), Galicia (12,7%), Castilla-La Mancha (11,6%), Murcia (11,4%) y Extremadura (7,4%). But who wants to live in Extremadura? The clue’s in the name, people: you have to be extremadamente duro to live there. 

 

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2 Replies to “House prices accelerate their fall”

  1. Why the insult to Extramadura – have you been on the silver route? have you been to Merida? Zafra, Trujillo? drunk the red wine, eaten the ibericos…..oh, and the wild life…

    On the serious matter – one reason for the acceleratig fall in prices is that banks need to turn festering holdings into cash. Some experts that a further 20% fall may bring prices to their rational level!

  2. Oh, house prices will continue to fall – what other direction are they going to go, with over a million unsold homes dragging down the banks (or soon to be the Spanish state once they’re transferred to the new FROB) and over 5,2 million unemployed?

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