Mortgages Fell 31.6% in November

According to the latest figures released yesterday by the National Statistics Institute, the number of new home mortgages stood at 19,115 in November 2012, which is a drop of 31.6% over the same month of 2011.

The year-on-year decline in November, which marks 31 consecutive months of declines for home mortgages, is more pronounced than in October, when the number of new mortgages fell by 14.4%.

In addition, the total number of home mortgages is the second lowest in any month in the comparable historical series, which began in 2003, after the 19,105 mortgages registered in October, ten less than the figure registered in November.

In the first eleven months of 2012, mortgages on homes fell 33.1% over the same period of 2011, with a decrease of 38.5% on capital loaned and 8.1% in the average mortgage value.

The average home mortgage value reached 105,216 euros in November, which is 4% lower than the same month of 2011, while the capital loaned reduced by 34.3%, to 2,011 million euros.

Month-on-month (November over October), home mortgages rose by 0.1%, compared to the 9.9% decline experienced in October in monthly values, while the capital loaned increased by 4.6% over the previous month. The monthly increase in new home mortgages and the rise in capital loaned represented the lowest rates for the month of November in the last few years.

Europa Press reported that, according to data from the statistical agency, during the eleventh month of last year 31,697 mortgages were constituted on rural and urban properties (within the latter includes housing), which represents a decrease of 30.5% compared to November 2011.

The mortgage loan capital granted fell by 34.4% to 3,614.9 million euros, while the average value of the mortgages on all properties totaled 114,047 euros, 5.7% less than in November 2011.