The average value of the mortgages constituted in July

28 September 2009 Mortgage Statistics (Base 2003) July 2009. Provisional data The average value of the mortgages constituted in July decreases 14.4% in the interannual rate and reaches 133,873 euros The number of mortgages that change conditions increases 37.5%, while registered cancellations decrease 23.0% During the month of July, the average amount per mortgage constituted stood at 133,873 euros, 14.4% less than for the same month the previous year, and 6.2% less than the amount recorded in June 2009. In mortgages constituted for dwellings, the average amount was 114,740 euros, 18.3% less than in the same month of 2008, and 2.6% lower than that registered in June 2009. Average am ont m ortgaged on total properties in thousands of euros 180 170 160 150 140 130 Oct-08 May-09 Feb-09 Mar-09 Jul-08 Jun-08 Nov-08 Dec-08 Jan-09 Sep-08 Jun-09 Jul-09 Apr-09 Aug-08 Average amount mortgaged on dwellings in thousands of euros 150 140 130 120 110 Oct-08 May-09 Feb-09 Mar-09 Jul-08 Jun-08 Nov-08 Dec-08 Jan-09 Sep-08 Aug-08 Apr-09 Jun-09 Jul-09 The value of the mortgages constituted on urban properties exceeded 12,096 million euros in July, indicating an interannual decrease of 28.2%. In dwellings, the capital loaned surpassed 6,769 million euros, 33.9% less than in July 2008. Total Inter-monthly Total properties Number of mortgaged properties Capital loaned (thousands of euros) Average amount (euros) Rustic properties Number of mortgaged properties Capital loaned (thousands of euros) Average amount (euros) Urban properties Number of mortgaged properties Capital loaned (thousands of euros) Average amount (euros) Dwellings Number of mortgaged properties Capital loaned (thousands of euros) Average amount (euros) 99,112 13,268,394 133,873 5,600 1,171,882 209,265 93,512 12,096,512 129,358 58,995 6,769,075 114,740 -0.6 -6.8 -6.2 19.0 16.2 -2.3 -1.6 -8.5 -7.0 -4.5 -7.0 -2.6 Variation rate Interannual -13.8 -26.2 -14.4 62.2 4.0 -35.9 -16.2 -28.2 -14.4 -19.1 -33.9 -18.3 Interannual accumulated -22.2 -31.7 -12.2 40.5 2.2 -27.3 -24.0 -33.8 -12.8 -29.7 -41.4 -16.5 1 Mortgages by institution Savings Banks were the institutions that granted the highest number of mortgage loans in July (51.5% of the total), followed by Banks (37.1%) and Other financial institutions (11.4%). Regarding the capital loaned, Savings Banks granted 49.0% of the total, Banks 40.6% and Other financial institutions 10.4%. Mortgage interest rates The average interest rate in July 2009 was 4.36%, representing a 17.3% decrease in the interannual rate, and a 2.5% decrease as compared with June 2009. Average interest rate 5.80 5.50 5.20 4.90 4.60 4.30 Oct-08 May-09 Feb-09 Mar-09 Jun-08 Jul-08 Nov-08 Dec-08 Jan-09 Sep-08 Aug-08 Apr-09 Jun-09 Oct-08 By institution, the average interest rate of Savings Bank mortgage loans was 4.51%, and the average term was 22 years. Regarding Banks, the average interest rate for mortgage loans was 4.22%, and the average term was 20 years. 96.0% of the mortgages constituted in July used a variable interest rate, as opposed to the 4.0% that used a fixed rate. Within the variable rates, the Euribor was the reference interest rate most used in constituting mortgages, specifically in 87.9% of new contracts. Mortgages with modified conditions In July, the total number of mortgages with modified conditions was 50,149, with an interannual increase of 37.5%. In the case of dwellings, the number of mortgages that modified their conditions was 33,074, that is, 36.4% more than the number registered in July 2008. Number of changes on total properties 60,000 50,000 40,000 30,000 20,000 Oct-08 Feb-09 Mar-09 Jun-08 Jan-09 May-09 Nov-08 Dec-08 Jun-09 Jul-08 Jul-09 Sep-08 Aug-08 Apr-09 Number of changes on dwellings 35,000 30,000 25,000 20,000 15,000 Feb-09 May-09 Nov-08 Dec-08 Mar-09 Jun-08 Jul-08 Jan-09 Jun-09 Sep-08 Aug-08 Apr-09 Jul-09 Considering the type of modification of the conditions, in July, 39,621 novations (or modifications within the same financial institution) were recorded, representing an interannual increase of 53.6%. The number of loans that changed institution (subrogations creditor) was 7,910, for a 30.5% increase in the interannual rate. In turn, 2,618 mortgages changed the holder of the mortgaged property (subrogations debtor), which implied a decrease of 43.3%. 2 Jul-09 Total Inter-monthly -3.7 -5.4 16.6 -0.2 Variation rate Interannual 37.5 53.6 -43.3 30.5 Interannual accumulated 35.7 52.7 -41.3 15.0 Total mortgages with changes -Novations -Subrogations Debtor -Subrogations Creditor 50,149 39,621 2,618 7,910 Number of mortgages with changes in interest rate conditions Of the 50,149 mortgages with modified conditions during the month of July, 46.0% were due to changes in interest rates. The percentage of mortgages at a fixed interest rate decreased after the change in conditions (from 3.8% to 2.1% of the total), since most of these loans were referenced to a variable interest rate. Within the interest rate structure, the Euribor was the main reference. The lowest average interest rate before the change was that referring to the Mortgage Reference Trend for Savings Banks and to the Savings Bank Active Interest Rate (both with 4.38%), whereas the lowest average interest rate after the change was that referring to Other interest rates (4.13%). After the modification of conditions, the average interest of the loans decreased 0.70 points in fixed interest rate mortgages, and decreased 0.35 points in variable interest rate mortgages. Before the change in interest rate Original interest rate structure (%) 3.8 95.7 1.5 4.3 2.8 0.3 83.9 2.9 0.5 100.0 Original average interest of loan 4.96 4.56 4.91 4.38 4.57 4.38 4.56 4.41 After the change in interest rate Final interest Final average rate interest of structure (%) loan 2.1 97.2 0.9 2.2 1.5 0.2 90.8 1.6 0.7 100.0 4.26 4.21 5.06 4.73 4.71 4.49 4.18 4.13 - Interest rate modality Fixed Variable -MRTI Banks -MRTI Savings Banks -MRTI All institutions -Type Act. Ref. Savings Banks -Euribor -Other interest rates Without interest Total interest rate changes No. of mortgages 875 22,084 341 996 643 73 19,366 665 111 23,070 No. of mortgages 489 22,418 211 501 346 37 20,945 378 163 23,070 *MRTI: Mortgage Reference Trend Registered mortgage cancellations In July, 43,507 mortgage cancellations were registered, 23.0% less than in the same month of 2008. Mortgages cancelled on rustic properties decreased 7.4%, and those cancelled on urban properties decreased 23.4%. In the case of cancellations of mortgages constituted on dwellings, their number decreased 24.7% in the interannual rate. Total Inter-monthly -9.4 -3.9 -9.6 -10.7 Variation rate Interannual -23.0 -7.4 -23.4 -24.7 Interannual accumulated -25.8 -11.3 -26.3 -28.8 Total registered mortgage cancellations Rustic Urban -Dwellings 43,507 1,515 41,992 29,340 3 Geographical distribution The highest numbers of properties with mortgages constituted per 100,000 inhabitants1 were recorded in La Rioja (446) and Cantabria (440). The only Autonomous Communities that recorded a positive variation rate were Galicia (29.1%), Aragón (19.5%) and País Vasco (5.0%). The most negative evolution was registered in Castilla-La Mancha (–37.3%) and Comunidad de Madrid (-31.3%). The Autonomous Communities with the greatest average mortgaged amount were Comunidad de Madrid (188,850 euros) and País Vasco (186,085 euros). Those experiencing a positive interannual variation rate were Extremadura (28.9%), Castilla-La Mancha (9.1%) and Principado de Asturias (1.9%), while those recording the most negative evolution were Región de Murcia (-49.2%) and Galicia (-26.3%). The Communities showing the highest number of properties with condition changes per 100,000 inhabitants1 were Comunitat Valenciana (289) and Castilla-La Mancha (229). Those having the greatest number of registered mortgage cancellations per 100,000 inhabitants1 were La Rioja (192) and Región de Murcia (169). Autonomous Community Mortgaged properties Average amount mortgaged in euros Mortgaged properties with changes in conditions Properties with registered mortgage cancellations Number* Number* TOTAL 267 Andalucía 258 Aragón 380 Asturias (Principado de) 206 Balears (Illes) 374 Canarias 316 Cantabria 440 Castilla y León 284 Castilla-La Mancha 291 Cataluña 228 Comunitat Valenciana 326 Extremadura 270 Galicia 232 Madrid (Comunidad de) 214 Murcia (Región de) 327 Navarra (Comunidad Foral de) 196 País Vasco 224 Rioja (La) 446 Ceuta 47 Melilla 119 *Per hundred thousand inhabitants 1 Interannual Interannual variation Amount variation Number* -15.5 133,873 -14.4 -25.4 117,814 -13.7 19.5 110,896 -21.1 -9.9 131,897 1.9 -3.3 130,344 -20.9 -19.0 110,370 -8.3 -23.3 87,924 -19.9 -14.7 110,552 -8.2 -37.3 135,411 9.1 -7.3 155,807 -23.1 -7.2 125,960 -9.1 -19.4 133,364 28.9 29.1 106,372 -26.3 -31.3 188,850 -10.3 -17.4 96,745 -49.2 -4.5 161,238 -24.6 5.0 186,085 -4.3 -12.2 124,793 -0.8 -82.2 145,556 -10.9 150.9 149,984 -3.8 135 140 121 105 90 173 49 96 229 118 289 69 71 94 194 73 23 215 21 8 117 129 95 103 129 120 101 123 137 87 165 95 92 115 169 92 72 192 40 135 This data was calculated from the revision of the figures of the Municipal Register for the year 2008. Only the population aged 18 to 84 years old was considered. Provincial information The provincial results that were provided in this Press release may henceforth be viewed at the following address of the INE website: http://www.ine.es/en/daco/daco42/daco426/hpro0709_en.pdf For further information see INEbase-www.ine.es All press releases at: www.ine.es/prensa/prensa_en.htm Press office: Telephone numbers: 91 583 93 63 / 94 08 – Fax: 91 583 90 87 - gprensa@ine.es Information area: Telephone number: 91 583 91 00 – Fax: 91 583 91 58 – www.ine.es/infoine 4 Mortgages Statistics July 2009. Provisional data (Closures) MS.1 Total mortgaged rustic and urban buildings Amount in thousands of euros Total Number TOTAL Andalucía Aragón Asturias (Ppdo de) Balears (Illes) Canarias Cantabria Castilla y León Castilla-La Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Com. Foral de) Pais Vasco Rioja (La) Ceuta Melilla 99,112 16,653 4,107 1,884 3,224 5,288 2,109 5,989 4,708 13,500 13,229 2,357 5,373 10,854 3,633 975 3,995 1,145 27 62 Amount 13,268,394 1,961,964 455,451 248,494 420,228 583,638 185,432 662,098 637,517 2,103,389 1,666,328 314,340 571,538 2,049,775 351,474 157,207 743,409 142,888 3,930 9,299 Rustic buildings Number Amount 5,600 1,314 169 178 225 196 43 331 363 201 1,109 212 253 163 555 31 86 171 0 0 1,171,882 242,848 35,231 21,033 70,113 19,302 5,128 67,830 70,817 62,213 251,201 32,707 30,390 168,778 65,789 3,442 12,299 12,764 0 0 Urban buildings Number Amount 93,512 15,339 3,938 1,706 2,999 5,092 2,066 5,658 4,345 13,299 12,120 2,145 5,120 10,691 3,078 944 3,909 974 27 62 12,096,512 1,719,116 420,220 227,461 350,115 564,336 180,304 594,268 566,700 2,041,176 1,415,127 281,633 541,148 1,880,997 285,685 153,765 731,110 130,124 3,930 9,299 28 September 2009 MS.2 Urban buildings, according to type of building Urban buildings Number Capital TOTAL Andalucía Aragón Asturias (Ppdo de) Balears (llles) Canarias Cantabria Castilla y León Castilla-La Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Com. Foral de) Pais Vasco Rioja (La) Ceuta Melilla 93,512 15,339 3,938 1,706 2,999 5,092 2,066 5,658 4,345 13,299 12,120 2,145 5,120 10,691 3,078 944 3,909 974 27 62 12,096,512 1,719,116 420,220 227,461 350,115 564,336 180,304 594,268 566,700 2,041,176 1,415,127 281,633 541,148 1,880,997 285,685 153,765 731,110 130,124 3,930 9,299 Dwellings Number Capital 58,995 9,686 1,892 1,225 1,827 3,264 1,290 3,418 2,632 9,070 7,798 1,195 2,984 6,765 2,015 655 2,566 640 25 48 6,769,075 1,008,215 236,930 134,963 219,681 269,669 143,229 382,754 285,302 1,117,874 752,132 119,332 312,170 1,036,736 174,112 76,664 402,368 87,017 3,829 6,102 Lots Number 4,239 760 72 43 97 147 22 314 486 489 772 246 101 317 153 83 104 32 0 1 Capital 1,780,373 289,945 61,373 25,023 49,727 38,379 5,076 88,125 165,529 219,300 274,848 109,219 37,331 238,981 40,930 44,792 73,935 17,576 0 283 Other urban land Number Capital 30,278 4,893 1,974 438 1,075 1,681 754 1,926 1,227 3,740 3,550 704 2,035 3,609 910 206 1,239 302 2 13 3,547,064 420,956 121,917 67,475 80,707 256,288 31,999 123,389 115,869 704,002 388,147 53,082 191,647 605,280 70,643 32,309 254,807 25,531 101 2,914 M - (TABLES ANNEX) July 2009 (2/7) MS.3 Rustic buildings, according to loaning bank Rustic buildings Number Capital TOTAL Andalucía Aragón Asturias (Ppdo de) Balears (Illes) Canarias Cantabria Castilla y León Castilla-La Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Com. Foral de) Pais Vasco Rioja (La) Ceuta Melilla 5,600 1,314 169 178 225 196 43 331 363 201 1,109 212 253 163 555 31 86 171 0 0 1,171,882 242,848 35,231 21,033 70,113 19,302 5,128 67,830 70,817 62,213 251,201 32,707 30,390 168,778 65,789 3,442 12,299 12,764 0 0 Banks Number 2,035 425 46 57 81 74 24 93 199 77 322 76 140 84 288 9 23 17 0 0 Capital 551,963 98,782 11,616 6,066 32,629 9,173 2,791 34,107 30,030 24,845 142,346 11,095 15,253 98,763 28,191 1,354 2,567 2,356 0 0 Savings banks Number Capital 2,520 635 72 60 112 66 16 157 128 77 603 113 102 18 197 18 44 102 0 0 484,614 116,410 20,527 12,184 25,863 5,827 1,943 22,357 24,956 28,989 88,555 18,685 12,339 63,239 27,217 986 6,633 7,905 0 0 Other banks Number Capital 1,045 254 51 61 32 56 3 81 36 47 184 23 11 61 70 4 19 52 0 0 135,305 27,656 3,088 2,783 11,621 4,302 394 11,366 15,831 8,379 20,300 2,927 2,798 6,776 10,381 1,102 3,099 2,503 0 0 M - (TABLES ANNEX) July 2009 (3/7) MS.4. Urban buildings, according to loaning bank Urban buildings Number Capital TOTAL Andalucía Aragón Asturias (Ppdo de) Balears (Illes) Canarias Cantabria Castilla y León Castilla-La Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Com. Foral de) Pais Vasco Rioja (La) Ceuta Melilla 93,512 15,339 3,938 1,706 2,999 5,092 2,066 5,658 4,345 13,299 12,120 2,145 5,120 10,691 3,078 944 3,909 974 27 62 12,096,512 1,719,116 420,220 227,461 350,115 564,336 180,304 594,268 566,700 2,041,176 1,415,127 281,633 541,148 1,880,997 285,685 153,765 731,110 130,124 3,930 9,299 Banks Number 34,767 6,736 855 651 1,452 2,762 342 2,684 1,666 4,136 4,254 684 2,311 3,929 797 194 832 422 16 44 Capital 4,832,311 851,539 143,838 73,353 135,845 273,546 46,314 225,356 195,673 758,812 641,206 85,065 276,567 769,072 81,148 35,053 178,784 53,674 2,355 5,113 Savings banks Number Capital 48,505 6,735 2,315 779 1,363 2,000 1,632 2,407 2,368 7,931 5,944 1,391 2,706 5,994 1,778 368 2,337 432 11 14 6,011,354 679,685 199,903 125,894 172,118 258,071 127,687 310,265 337,159 1,113,777 592,764 190,854 241,725 939,336 169,615 67,534 421,100 58,508 1,575 3,783 Other banks Number Capital 10,240 1,868 768 276 184 330 92 567 311 1,232 1,922 70 103 768 503 382 740 120 0 4 1,252,847 187,892 76,479 28,214 42,152 32,719 6,303 58,647 33,868 168,587 181,157 5,714 22,856 172,589 34,922 51,178 131,226 17,942 0 403 M - (TABLES ANNEX) July 2009 (4/7) HCL.1 Total mortgages cancelled, according to type of building Total TOTAL Andalucía Aragón Asturias (Ppdo de) Balears (Illes) Canarias Cantabria Castilla y León Castilla-La Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Com. Foral de) Pais Vasco Rioja (La) Ceuta Melilla 43,507 8,339 1,023 938 1,116 2,005 486 2,599 2,215 5,148 6,680 833 2,128 5,802 1,875 457 1,277 493 23 70 Rustic buildings 1,515 429 61 51 66 52 11 104 84 88 219 73 85 18 116 26 18 14 0 0 Dwellings 29,340 5,676 684 576 701 1,390 329 1,688 1,437 3,611 4,554 527 1,463 3,885 1,212 308 913 319 16 51 Lots 1,218 240 16 13 38 60 15 165 79 95 124 36 17 161 96 16 41 5 0 1 Other urban land 11,434 1,994 262 298 311 503 131 642 615 1,354 1,783 197 563 1,738 451 107 305 155 7 18 M - (TABLES ANNEX) July 2009 (5/7) HCL.2 Total cancelled mortgages, according to type of building and loaning bank Total Banks TOTAL Andalucía Aragón Asturias (Ppdo de) Balears Illes Canarias Cantabria Castilla-León Castilla-la-Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Com. Foral de) Pais Vasco Rioja (La) Ceuta Melilla 15,723 3,508 278 334 472 1,144 165 942 556 1,541 2,217 365 977 2,154 451 137 326 111 10 35 Rustic buildings Urban buildings Savings Other Banks Savings Other Banks Savings Other banks banks banks banks banks banks 21,163 6,621 461 624 430 15,262 20,539 6,191 3,396 1,435 107 179 143 3,401 3,217 1,292 545 200 19 8 34 259 537 166 401 203 18 12 21 316 389 182 535 109 20 37 9 452 498 100 680 181 7 34 11 1,137 646 170 274 47 4 4 3 161 270 44 1,150 507 51 18 35 891 1,132 472 1,360 299 28 46 10 528 1,314 289 3,087 520 31 31 26 1,510 3,056 494 3,505 958 72 82 65 2,145 3,423 893 393 75 33 31 9 332 362 66 943 208 42 33 10 935 910 198 2,770 878 11 2 5 2,143 2,768 873 1,140 284 3 86 27 448 1,054 257 185 135 4 8 14 133 177 121 534 417 7 6 5 319 528 412 226 156 4 7 3 107 219 153 13 0 0 0 0 10 13 0 26 9 0 0 0 35 26 9 M - (TABLES ANNEX) July 2009 (6/7) HCM.1 Total mortgages with changes, according to type of change and type of building Total Type of change Type of building Novation Subrogations Subrogations Rustic Urban Debtor Creditor buildings buildings 50,149 9,028 1,304 959 778 2,898 234 2,023 3,700 6,984 11,724 601 1,637 4,782 2,154 365 409 553 12 4 39,621 7,152 1,117 728 713 1,774 198 1,618 3,160 5,539 8,528 536 1,248 4,182 1,939 353 307 518 11 0 2,618 363 65 129 6 46 1 119 89 231 1,120 3 233 135 33 2 23 19 0 1 7,910 1,513 122 102 59 1,078 35 286 451 1,214 2,076 62 156 465 182 10 79 16 1 3 1,597 255 45 37 54 44 6 141 127 73 360 40 83 132 101 41 15 43 0 0 48,552 8,773 1,259 922 724 2,854 228 1,882 3,573 6,911 11,364 561 1,554 4,650 2,053 324 394 510 12 4 Dwellings 33,074 6,100 836 550 495 2,073 173 1,109 2,202 4,915 7,861 422 1,011 3,458 1,100 177 285 296 8 3 TOTAL Andalucía Aragón Asturias (Ppdo de) Balears Illes Canarias Cantabria Castilla-León Castilla-la-Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Com. Foral de) Pais Vasco Rioja (La) Ceuta Melilla M - (TABLES ANNEX) July 2009 (7/7)