Spanish house price declines in Q2 compare to 54 other countries tracked in the Knight Frank Global House Price Index.
Spain was placed 51 out of 54 countries in the Knight Frank Global House Price Index that measures house price changes each quarter across the globe.
Unsurprisingly, Greece, Portugal and Ireland were all there in the bottom five with Spain: All members of the so-called PIGS that are suffering the most from the Euro crisis.
The index is based on official house price data, which in the case of Spain is suspected of understating the true extent of house price declines, as I have pointed out many times. The Irish data is more credible, and I expect that Spanish house prices declined by at least as much.