The State of Spain's Housing Market

It's not as bad as the US.  The equivalent of the Case-Shiller Index in Spain is the TINSA Index.  It measures the change in home prices over time, on a percentage basis.  The base year for the index was 2001, when it was set at 1000.  Home prices in Spain peaked at the 2,273 level at the beginning of 2008, an increase of 127% from the base year, and an average annual appreciation rate of 11%.  As of February, the index is at 1,932, so home prices are down 15.0% from the 2008 peak.  And, as the chart below illustrates, while prices are still decreasing, they are doing so at a slower rate.