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Spanish Home Prices Fall Most on Record as Economy Shrinks

Spanish home prices fell the most on record in the second quarter as the euro area’s fourth-largest economy shrank and a reduction in mortgage lending crimped demand for property.

The average price of houses and apartments declined 14.4 percent from a year earlier, the most since the measurement began in 2008, the National Statistics Institute in Madrid said today in an e-mailed statement. Prices fell 3.3 percent from the previous quarter.