Spain Home Sales Slump for 10th Straight Month
11 February 2012 @ 10:42
Spanish home sales declined in December for a 10th month as the euro area’s fourth-largest economy relapsed into a recession that began in 2008 when a property boom ended.
The number of transactions fell 25.3 percent from a year earlier, the National Statistics Institute in Madrid said in an e-mailed statement today.
Prime Minister Mariano Rajoy is battling to turn around a slump in the real-estate industry as unemployment rose to a 15- year high of 22.9 percent in the last quarter of 2011 and the Bank of Spain sees the economy shrinking 1.5 percent this year.
Read more at Bloomberg.com