European House Prices Tell Very Different Economic Tales: Chart

(Bloomberg) -- On the surface, euro-area house prices have passed the trough reached when the sovereign-debt crisis ravaged the 19-nation bloc, but a closer look shows a more nuanced economic reality. Record-low interest rates have fueled property prices in Germany, the country that’s been driving the region’s recovery, while Ireland and Spain, which suffered a market slump after the collapse of their banking sectors, are making progress in erasing losses after hard fought reforms. Meanwhile, France is treading water and Italian homes prices continue to decline amid increased political uncertainty.

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