Over 12% Reduction Of House Prices In First Quarter Of 2012

According to the Indice de Precios de Vivienda (IPV) published by the nstituto Nacional de Estadística (INE) last week house prices in Spain fell 12.6% in the first quarter compared to the  same period of 2011,
This is the biggest drop since 2007
This means that there have been 16 consecutive quarters in which home prices have dropped
New housing prices in the first quarter fell 11.8%  while price of used housing was reduced by 13.3%