I found the above data for the Greek house prices at the Bank of Greece. It's an index for all urban areas with 1997 set to 100. I don't believe it's inflation adjusted. The data are annual through 2011 but I also put in the estimate for Q1 2012.
There seem to be several interesting points:
- Greek house prices tripled in only 15 years.
- They have so far fallen about 20% (nominal) from the peak - closer to 30% in real terms.
- The decline accelerated in 2012. Given that the country shows no sign of political and economic stabilization, it's likely they'll fall quite a bit more.
(graph from CR). And indeed some parts of the country (Florida) lost a lot more.
The big difference is that US house prices seem to be close to stabilization, whereas Greek house prices still seem to have a lot more downside risk. It's helpful for a country to have its own currency.