A Home-Price Puzzle in Spain - WSJ.com: "Spain faces a problem as empty homes left over from the housing boom go up for sale: determining just how much the properties are worth.
Confusion over home prices in Spain has kept some investors out of the market. Above, a listing in Madrid.Analysts, property-sales representatives and economists said data coming from the government and even some large appraisal companies understate the drop in real-estate prices. That is causing confusion and scaring off some investors who could help banks clear their backlog of homes.
The discrepancies are owed, in part, to a quirk in how some Spanish home-price data are calculated. The data are based not on actual sales prices, but rather on appraisals by private companies, which in a slow market are heavily reliant on asking prices. The result is a variation in estimates of Spanish home values."
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