Home Mortgages Fall Another 23.2% in October
December 25th, 2013
The annual decline in October, with which mortgaged homes accumulated 42 months of consecutive decreases, is more than seven points lower than September’s figure, when the number of home mortgages fell by 30.9%.
However, the total number of mortgages on homes (14,704) is one of the lowest in the comparable historical series, which began in 2003.
The average value of the home mortgages granted in the tenth month of the year reached 103,246 euros, which is 2.5% more than in the same month of 2012, while the capital loaned reduced by 21.3% year-on-year, to 1,518.1 million euros.
In monthly terms (October over September), mortgages on homes fell by 1%, their lowest decline in this month since 2009. The capital loaned for home mortgages registered a monthly increase of 5%, the biggest increase in the last five years.
With October’s decline, home mortgages accumulated a decrease of 27.7% in the first ten months of the year, compared with the same period in 2012, with declines of 30.7% in capital loaned and of 4.1% in the average mortgage value.
According to data from the statistical agency, during the tenth month of the year a total of 24,865 mortgages were constituted on rural and urban properties (within the latter includes homes), representing a decrease of 20.6% compared to October 2012.
The capital for the mortgages granted fell by 15.5% over the same month of last year, to 3,074.5 million euros, while the average value of the total mortgages granted reached 123,651 euros, which is 6.4% more than in October 2012.
The regions which registered the highest number of mortgages on homes in October were Andalusia (2,709), Madrid (2,342) and Catalonia (2,263).
All regions recorded less home mortgages granted in October than in the same month of last year, apart from Navarra which, with 366 home mortgages, recorded an increase of 45.2% year-on-year. Registering the steepest annual declines were Extremadura (-36.8%), the Basque Country (-36.6%) and Valencia (-32%).
The regions which recorded the most capital borrowed for home mortgages were Madrid (337 million euros), Catalonia (266.8 million) and Andalusia (233.8 million).