Housing on the open market became 7.7% cheaper in the second quarter

The prices of housing on the open market were reduced by 7.7% at the interannual rate during the second quarter of the year, one tenth of one per cent more than they dropped in the first quarter (-7,6%) and 2.3 points more than they cheapened in the last three months of 2008 (-5,4%), according to the National Statistical Institute (INE).
For the second consecutive quarter, the price of new housing recorded a negative rate of annual variation, with a descent of 3.9%. Thus the drop in the first quarter, which was 2%, has become deeper.
For their part, second hand properties have moderated their fall for the first time since the beginning of 2008. Thus used properties recorded a fall in their prices of 11.2% at the interannual rate, 1.3 points less than in the foregoing quarter.

Source: El País