Spanish home prices continued to weaken in the second quarter, suggesting the country is still a long way from recovering from a property market crash that forced the country to seek a bailout for its banks.
Prices declined 7.6% year-on-year and 2.4% from the first quarter, a report prepared by the Public Works ministry showed Friday. The average price per square meter was 1,481.7 euros($1,942.36), down 29.5% from the first quarter of 2008.
Spain is enduring a protracted recession that was precipitated by the collapse of a housing and credit bubble five years ago. Late last year, the country’s banks transferred billions in bad real estate loans to a government-backed “bad bank” established with the help of euro zone bailoutfunds
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Spanish Housing Prices Continue Slide in Second Quarter.