Mortgages Fall Again in 19 Months of Declines
January 25th, 2012
The number of mortgages on homes fell 35.8% in November over the same month of 2010, reaching 28,113, one of the lowest figures of the series which started in 2003, the National Statistics Institute announced yesterday. With this year-on-year decline, mortgaged homes accumulated 19 months of declines. The drop, however, is less pronounced in November than in October, which exceeded 43%.
In the first eleven months of 2011, mortgaged homes fell by 32.3% over the same period in 2010. Month-on-month, mortgaged dwellings rose by 26.7% against the 28% decrease experienced in October.
Diario Sur reported that the average value of a mortgage on a home reached 109,662 euros in the eleventh month of last year, which is 4.5% lower than in the same month of 2010, while capital borrowed dropped 38.7% year-on-year, brushing 3,083 million euros.
In November, 45,491 mortgages were registered on rural and urban buildings (the latter includes housing), representing a 32.2% decline compared to the same month of 2010 and an increase of 16.1% month-on-month.
The number of mortgages registered on rural buildings per 100,000 of the population was highest in La Rioja (174). Only two communities reported positive growth rates, Navarra and the Basque Country, with increases of 0.9% and 0.7% respectively. The biggest declines occurred in La Rioja (-54.4%) and Asturias (-53.1%).
The region with the highest average mortgage was Asturias, with 212,633 euros, which also presented the highest positive year-on-year variation (71.1%).
The communities in which most changes in conditions per 100,000 population were recorded for rural buildings, were Castilla-La Mancha (140) and Valencia (121), and the greatest number of mortgages cancelled per 100,000 inhabitants, were recorded in the Balearic Islands (166) and Castilla-La Mancha (130).
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