The level of mortgage foreclosure in Spain - the forced sale of properties because of defaults on mortgage payments - fell in the first quarter by 5.2% to 30,952 (compared with the first quarter of 2014). Of this total, only 8,802 were owners’ main residences (a decline of almost 7%) and the foreclosures related to 0.048% of all residential properties in Spain. In the Balearics, the number was 600, 353 of them for homes.
Contained within the Spanish figure for foreclosure were 57.5% for homes, while over 30% of foreclosures were for garages, offices, warehouses, shops, bars or restaurants, among others. Of homes, the great majority of foreclosures (87%) in the first quarter related to used houses. There has been a steady fall in the number of defaults for new homes over the past year: down by almost 37%.
In terms of when a mortgage was taken out, 59% of the first-quarter foreclosures were for mortgage arrangements entered into during the period 2005 to 2008. The region of Spain with the greatest number of foreclosures was Andalusia - 8,948 - followed by Catalonia (5,168) and Valencia (4.852).
The lowest numbers were in La Rioja (158), the Basque Country (156) and Cantabria, the lowest of all with 151.

Comments

To be able to write a comment, you have to be registered and be logged in.

* Mandatory fields

Currently there are no comments.