House prices suffer their biggest fall in over 30 years
Annual decline was 14.4 percent in the second quarter
The fall in home prices in the second quarter of this year was the biggest in over 30 years as the housing market still struggled to shake off the fallout from a massive property boom that went bust around the start of 2008.
According to figures released Friday by the National Statistics Institute (INE), house prices fell 14.4 percent in the period April-June from a year earlier, compared with a drop of 12.6 percent the previous three months. The decline in the second quarter was the biggest since the INE began compiling the current series in 2007. However, older records by official sources and appraisers indicate the drop was the biggest in any quarter since at least 1976.
House prices have now fallen for 17 quarters in a row.
Earlier this week, leading appraiser Tinsa said house prices had fallen 32.4 percent in August from their peaks at the end of 2007.
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