The number of unpaid mortgages continues growing, affecting already 3,4% of the loans.

The rate of non-payment of the loans for the acquisition of properties with a mortgage guarantee continues growing mainly because of the deep economic crisis. This level of delays in payment increased in the third quarter of 2012 up to eight points in relation to the same period in 2011.

It reached 3,4%, while the previous year it was at 2,6%, according to the figures published by the Bank of Spain (BS).

In Euros, the balance of the uncertain mortgage loans reached 20818 million Euros at the end of the last quarter, the highest amount in history. Meanwhile, the total balance of loans for the purchase of a property with a mortgage guarantee closed at 597181 million Euros, 2,5% less.

This drop of the mortgage balance reflects the fall of the acquisitions and of the prices of homes which is also the base of the difficulties faced by developers, whose delay rate has also reached historic maximums of 30,3%.

This ratio of mortgage delays stayed below 1% until march 2008, but from June of that year it started to increase due to the outbreak of the crisis and the subsequent increase of the unemployment. At the end of that year it had surpassed 2%.

The highest increase took place in the third and fourth quarter of 2008, when it rose in 0,60 and 0,50 percentage points, respectively. From 2009, the mortgage delays continued increasing, although at a more moderate pace.

Source: El Mundo

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