Friday, May 25, 2012
Following up on discussion of Greek house prices the other day, I found some data on Spanish house prices from Spanish surveyors Tinsa. The picture is similar to Greece - if anything a bit worse. Total losses from the peak have been about one third, and the situation has not stabilized. In fact as the year-on-year change below show, prices losses have recently accelerated:
This obviously is going to worsen the position of Spanish banks (which are already suffering from moderate capital flight).