The total balance of mortgage loans from financial institutions reached in January of 1.071 billion euros, representing a decrease of 2.2% compared to 1.095 billion the same month in 2010, when it grew at a rate of 1%, according to the English Mortgage Association (AHE), confirming the contraction suffered by this business in Spain after three years of slowdown.
The figures show the changing trend of the mortgage industry following the subprime mortgage crisis in the United States in August 2007 and contrasts with growth exceeding 20% \u200b\u200bcame to experience the mortgage loan balance in the phase acute housing boom in Spain.
Also, data on the contraction of the mortgage balance match the rising cost of mortgages granted by financial institutions because of their intention to restore margins, as well as the gradual rise in the Euribor , referenced indicator that most mortgages in Spain.
However, the AHE behavior expected for 2011 of mortgage activity slightly more positive than that observed during 2010, especially supported by the improvement of financing to households for house purchase, as not expected to recover in the short term real estate financing activities.
monthly mortgage balance falls
The financial sector closed in January to 5.388 million euros less than the mortgage balance from December, resulting in a decrease of 0.50 % while it reduced its balance 24.144 million annual rate, bringing the total balance in 1.071 billion figure includes EUR 197.424 million securitized mortgage assets into balance.
Of the total, 566.029 million euros corresponded to the savings, resulting in a reduction of 6.58% over twelve months ago, banks 418 657 000 (+4,10% ), 70.911 million credit cooperatives (-0.39%) and 15.856 million credit to financial institutions (-2.77%).
Savings banks bring together most of the mortgage balance and recorded a significant decline both year on year (EUR 39.888 million) and monthly rate, with a loss of 11,550 million (2%).
For its part, the total outstanding balance of securitized mortgage assets - the conversion of loans into bonds for resale - was established in January at 214.508 million euros, 0.94 % less than the same month last year.
Of the total, banks accounted for 99.936 million (-0.09%) to 90.315 million boxes (+1,15%), 15.897 million credit cooperatives (-8.85%) and 8,360 million to entities Credit Financial (-14.56%).
Via The Economist
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