Spanish home prices fell for the 13th quarter as the economy probably contracted and an increase in bad loans discouraged lenders from granting mortgages.
The average price of houses and apartments declined 6.8 percent in the three months through December from a year earlier, the Ministry of Public Works said today on its website. Prices dropped 1.5 percent from the previous quarter, the 15th quarterly decline.
Residential mortgage lending in Spain, which has the highest unemployment rate in the European Union, fell by 43.6 percent in October as banks reined in lending amid a surge in borrowing costs and bad loans, the National Statistics Institute said on Dec. 28.
Bloomberg
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