...its a long way down.
MADRID (MarketWatch) -- Spanish house prices fell 11.2% in the fourth quarter of 2011 on an annual basis, a decrease of almost four percentage points from the previous quarter, with the index at the lowest since the first quarter of 2007, the national statistical office said Thursday. In the third quarter, house prices fell 7.4% The prices of used homes fell 13.7% in the quarter on an annual basis. House prices have been sharply declining since the fourth quarter of 2010, amid a collapse in the housing industry, which spurred a downturn in the Spanish economy.
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