09.10.2008 - New Spanish property index is laughable
From Homes Overseas: Analysts are ridiculing a new index of residential property prices in Spain, which was supposed to bring some clarity to the market. According to the data released by the National Institute of Statistics, property prices in Spain fell by just 0.3% from June 2007 to June 2008, despite the widespread reports that the market is in the midst of a sharp decline. The index said resale prices fell 4.9% in the year, but new home prices actually appreciated 5.3% - which is highly unlikely, seeing as there are thousands of vacant homes currently on the market..... Full Article: Source