The signing of mortgages for homes sinks by 42,2% in June, reaching an historic minimum level

The real estate adjustment continues to show historic figures. The signing of mortgages for homes sank by 42,2% in June down to a total of 14053 signatures, as announced today by the National Institute of Statistics (NIS). This is the lowest level ever. The end of the access to credit, the increase of unemployment and the still existing recession continue affecting the Spanish housing sector.

(…) It is far from the maximum number reached in September 2005, with the signature of 129.128 mortgages. With this set-back, the index accumulates 38 consecutive months of negative results. In the first half of 2013, the descent reached 23,5%. As for the monthly rate (June over May), the mortgages on homes dropped another 23,7%, its greatest descent in this month since 2009. The lent capital for mortgaged homes registered a monthly set-back of 22,8%, its greatest descent in the last five years. As for the average amount of mortgages registered in the Property Registries, it reached 119.307 in June, 2% lower than the same month in 2012. This also had a monthly decrease from May into June (-9%), closing the semester with a frop of 5%, reaching 97.495 Euros. The total lent capital reached in June 1370 million Euros, with an annual fall of 47,4%, while the average interest rate for the mortgages on homes was of 4,43%, 2% higher than the one registered in June 2012. The Euribor is the most common reference rate used when constituting a mortgage, in 82,7% of the cases. (…)