Spanish Mortgage completions for June 2014
Whilst Spanish mortgages still struggle to show any real increases for the first time in many months June showed an incraese in both numbers and capital lent when compared to June of 2013.
The months year on year increase whilst the first for a long time were still below those of the previuos month this year and the overall year on year figures remain down.
Spanish Banks mortgage targets
The increase of 19% in nuimbers of loans completed for dwellings when considered against June last year will however give some hope to the Banks in Spain that their targets for the year may still be met.
Up until June not only were overall numbers down but each Month off the back of a very poor year last year the numbers were down in the corresponding months. June is the first increase indicating a possible reverse of the downward trend.
Net ouflows on mortgage books
Still of concern will be that for many months and years now the net outflow of loans each month has exceeded the level of new mortgages constituted in Spain. June continued this trend with 17,000 new loans and 23,000 cancelled loans.
Regions
The Islands continued to outperfrom most of Spain but big increases were seen in Valencia and Murcia. Of the traditional second home resorts only Andalucia seemed to buck the trend showing a small decrease in numbers of new loans in comparison to June last year.
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