The number of mortgaged homes fell by 6.74% in 2007

The number of mortgaged homes fell by 6.74% in 2007 to a total of 1235212 buildings, which in December after a 15.47% drop in inter annual rate, according to statistics published today by mortgage the National Institute Statistics (INE).

For his part, the average amount of mortgages on houses formed stood at 149,007 in 2007, representing an increase of 6.2% over 2006.

During 2007, a total of 1,768,198 mortgaged rustic farms and urban areas, which represents a decrease of 5.1% compared to 2006. The capital of the new mortgage loans grew by 2% over the previous year.

The savings were entities granted more mortgage loans in 2007, with 59.2% of the total, followed by banks (31.7%) and other financial institutions (9.1%). As for the borrowed capital, savings banks granted 57.2% of the total, banks 35.1% and others 7.7%.

The average time rises to 26 years

In all of the credit institutions, the average interest rate on mortgage loans was 4.71% during 2007, compared with 3.83% in 2006, and the average time was 26 years, one more than in the previous year.

The average interest rate for mortgage loans of savings banks was 4.67% and the average time of 26 years, while the banks lent at an interest rate of 4.69% and an average time of 26 years .

98% of the mortgages formed in 2007 using a variable interest rate, compared with 2% fixed rate. Within the variables, the Euribor was the reference interest rate most commonly used in the creation of mortgages, as reflected in 87% of new contracts.

Changes in conditions of the loan

Moreover, the total number of mortgages with changes in their conditions amounted to 321,425 in 2007, representing a growth of 34.1%. In the case of housing, the number of mortgages that changed their terms grew by 30.8%.

Because the nature of the change in conditions, in 2007 there were 243,872 changes, but without changing financial institution (innovations), which represents an increase of 33.6%.

For its part, the number of loans that changed entity (subrogaciones the creditor) was 54,414, a 34.5% increase. In addition, a total of 23,139 mortgages changed owner of the property mortgaged (subrogaciones the debtor), which represents an increase of 39.1%.

Of the 321,425 mortgages who have changed their position in 2007, 51.4% were due to changes in interest rates. Thus, the percentage of mortgages with fixed interest rate was reduced significantly after the change of conditions, from 7.8% to 2.6% of the total, since most of these loans are brought to a referenced variable interest rate.

Murcia and the Balearic Islands, at the head

For autonomous communities, Murcia (6,885) and the Balearic Islands (6,809) were the communities that focused more properties with mortgage founded in 2007 by 100,000 people. Extremadura and Castilla-La Mancha were the ones that registered higher growth with a 18.6% and 8.2%, respectively.

In contrast, Madrid and the Basque Country registered the highest average amount mortgaged, with 227,881 euros and 218,590 euros respectively. Murcia (26%) and the Basque Country (15%) were the communities that experienced a higher rate changes.

The communities that recorded the highest number of changes in the conditions of mortgages in 2007 for every 100,000 inhabitants were Valencia (1,915) and Castilla-La Mancha (1,320), while Valencia and Murcia were the ones that registered the greatest number of mortgages canceled per 100,000 inhabitants, with 3,357 and 3,204 cancellations, respectively.

Caen houses mortgaged in December

For its part, the number of mortgaged homes fell by 15.47% in the month of December in inter annual rate until 71,908 buildings and was a 23.41% than in November.

The average amount of mortgages on houses formed stood at 143,739 million in December, an increase of 0.2% over the same month of 2006 and 2.23% lower than that recorded in November 2007.

The borrowed capital for such mortgages in December reached 10335.99 million, which represents a decrease of 15.29% over the same month of 2006 and 25.12% over the previous month.