Spanish house prices to fall further still

House prices in Spain are expected to continue to their decline for the coming three years, a new poll by Reuters has found.

According to the news provider, the fall is a result of an overhang from the burst property bubble and banks dump unwanted housing stock.

In a poll of 13 analysts, who widely believe that the market has been overvalued even after a 17 per cent fall since 2007, prices were forecast to fall by a further five per cent this year.

Next year, prices are expected to fall by a further three per cent, followed by a drop of a little over one per cent in 2013.  

Source: IB Times