Wednesday, April 22, 2009

Spain Feb home sales fall 38 pct despite price drop

MADRID, April 21 (Reuters) - Spanish property owners were still struggling to sell homes in February, figures showed on Tuesday, even though price falls gathered pace according to official data and some estate agents said prices were plunging.

Sales fell 37.5 percent year on year to 34,669, the second-lowest number since the series began in January 2007 and the 12th straight month of declining sales, figures from the National Statistics Institute (INE) showed.

Joaquin Garcia, who works in his father's small real estate firm in Benalmadena, a resort near Malaga, said the business was only selling a third of the properties it was shifting during Spain's property bubble that burst at the start of 2008.
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