The average value of the mortgages signed in February

28 April 2009 Mortgage Statistics (Base 2003) February 2008. Provisional data The average value of the mortgages signed in February decreases 12.1% in the interannual rate and reaches 148,798 euros The number of mortgages that change conditions increases 24.6%, while registered cancellations decrease 29.7% During the month of February, the average amount per mortgage constituted stood at 148,798 euros, 12.1% less than for the same month the previous year, and 1.2% lower than that recorded in January 2009. In the case of mortgages constituted for dwellings, the average amount was 123,643 euros, 17.0% less than in the same month of 2008, and 1.3% more than that recorded in January 2009. Average amount mortgaged on total properties in thousands of euros 180 173 166 159 152 145 Mar-08 Oct-08 Jan-08 Feb-08 Jun-08 Jan-09 Feb-09 May-08 Nov-08 Dec-08 Jul-08 Sep-08 Apr-08 Aug-08 Average amount mortgaged on dwellings in thousands of euros 150 144 138 132 126 120 Mar-08 Feb-08 Oct-08 Jan-08 Jun-08 Jan-09 May-08 Nov-08 Aug-08 Dec-08 Sep-08 Feb-09 Apr-08 Jul-08 The value of the mortgages constituted on urban properties exceeded 11,905 million euros in February, representing an interannual decrease of 40.4%. In dwellings, the capital loaned exceeded 6,408 million euros, 47.5% less than in February 2008. Variation rate Total Inter-monthly Total properties Number of mortgaged properties Capital loaned (thousands of euros) Average amount (euros) Rustic buildings Number of mortgaged properties Capital loaned (thousands of euros) Average amount (euros) Urban buildings 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) 89,104 13,258,466 148,798 4,392 1,353,208 308,107 84,712 11,905,258 140,538 51,827 6,408,030 123,643 2.9 1.7 -1.2 9.7 30.5 19.0 2.5 -0.8 -3.3 -2.2 -1.0 1.3 Interannual -28.5 -37.2 -12.1 20.1 18.0 -1.7 -30.0 -40.4 -14.8 -36.7 -47.5 -17.0 Interannual accumulated -33.2 -39.9 -10.0 11.0 -1.7 -11.5 -34.5 -42.1 -11.6 -40.3 -49.7 -15.7 1 Mortgages by institution Savings Banks were the institutions that granted the highest number of mortgage loans in February (53.2% of the total), followed by Banks (36.9%) and Other financial institutions (9.9%). Regarding the capital loaned, Savings Banks granted 48.3% of the total, Banks 42.9% and Other financial institutions 8.8%. Mortgage interest rates The average interest rate in February 2009 was 5.40%, indicating growth of 5.9% in the interannual rate, and of -4.3% as compared with January 2009. Average interest rate 5.80 5.60 5.40 5.20 5.00 4.80 4.60 Mar-08 May-08 Feb-08 Oct-08 Nov-08 By institution, the average interest rate of Savings Bank mortgage loans was 5.54%, and the average term was 22 years. Regarding Banks, the average interest rate for mortgage loans was 5.32% and the average term was 20 years. 96.3% of the mortgages constituted in February used a variable interest rate, as opposed to the 3.7% that used a fixed rate. Within the variables, the Euribor was the reference interest rate most used in constituting mortgages, specifically in 86.8% of new contracts. Mortgages with modified conditions In February, the total number of mortgages with modified conditions was 40,945, with an interannual growth of 24.6%. In the case of dwellings, the number of mortgages which modified their conditions was 25,406, that is, 10.7% more than the number registered in February 2008. Number of changes on total properties 42,000 37,000 32,000 27,000 22,000 28,000 25,000 22,000 19,000 16,000 Aug-08 Number of changes on dwellings Mar-08 Feb-08 May-08 Oct-08 Nov-08 Dec-08 Feb-09 Jan-08 Jun-08 Jul-08 Jan-09 Dec-08 Sep-08 Feb-09 Jan-08 Jun-08 Jul-08 Apr-08 Jan-09 Mar-08 Sep-08 Oct-08 Jan-09 May-08 Nov-08 Considering the type of modification of the conditions, in February, 34,080 novations (or modifications within the same financial institution) were produced, representing an interannual increase of 38.9%. The number of loans that changed institution (subrogations creditor) was 4,658, for a 7.4% decrease in the interannual rate. On the other hand, 2,207 mortgages changed the holder of the mortgaged property (subrogations debtor), which implied a decrease of 33.3%. Aug-08 Dec-08 Aug-08 Sep-08 2 Feb-09 Jan-08 Feb-08 Apr-08 Jun-08 Apr-08 Jul-08 Total Inter-monthly 13.6 15.1 6.0 7.0 Variation rate Interannual 24.6 38.9 -33.3 -7.4 Interannual accumulated 17.8 31.5 -34.3 -13.5 Total mortgages with changes -Novations -Subrogations Debtor -Subrogations Creditor 40,945 34,080 2,207 4,658 Number of mortgages with changes in interest rate conditions Of the 40,945 mortgages with modified conditions during the month of February, 49.3% were due to changes in interest rates. The percentage of mortgages at a fixed interest rate decreased after the change in conditions (from 4.8% to 2.0% 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 rate before the change was that referring to Other interest rates (4.12%). After the change, the lowest average interest rate was that referring to MRTI Savings banks (4.70%). After the modification of conditions, the average interest of the loans increased 0.10 points in fixed interest rate mortgages, and 1.05 points in variable interest rate mortgages. Interest rate modality Before the change in interest rate After the change in interest rate Original structure of Original Final structure Average No. of interest rates average No. of of interest interest after mortgages (%) interest of loan mortgages rates (%) change 963 4.8 5.56 397 2.0 5.66 19,126 94.8 4.44 19,650 97.4 5.49 158 0.8 5.19 91 0.4 5.39 743 3.7 4.51 414 2.1 5.83 260 1.3 4.70 246 1.2 5.62 42 0.2 4.95 16 0.1 4.70 17,157 85.1 4.44 18,473 91.6 5.48 766 3.8 4.12 409 2.0 5.21 84 0.4 126 0.6 20,173 100.0 20,173 100.0 Fixed Variable -MRTI* Banks -MRTI* Savings banks -MRTI* All institutions -Type Act. Ref. Saving Banks -Euribor -Others interest rates Without interest Total interest rate changes *MRTI: Mortgage Reference Trend Registered mortgage cancellations In February, 49,040 mortgage cancellations were registered, 29.7% less than in the same month of 2008. Cancelled mortgages on rustic properties decreased 24.7% and those cancelled on urban properties, 29.9%. In the case of cancellations of mortgages constituted on dwellings, their number decreased 32.5% in the interannual rate. Total Inter-monthly 7.1 2.2 7.2 6.8 Variation rate Interannual -29.7 -24.7 -29.9 -32.5 Interannual accumulated -30.6 -18.4 -30.9 -33.0 Total cancelled mortgages Rustic Urban -Dwellings 49,040 1,608 47,432 33,520 3 Geographical distribution Cantabria (462) registered the highest number of properties with mortgages constituted per 100,000 inhabitants1. This Community was the only one in which the number of mortgaged properties increased (17.2% in the interannual rate). The remainder presented negative variation rates, ranging from –54.1% in Castilla-La Mancha to –2.5% in Aragón. The Autonomous Communities with the highest average mortgaged amount were Comunidad de Madrid (212,724 euros), País Vasco (191,877 euros) and Comunidad Foral de Navarra (190,366 euros). Those experiencing the greatest interannual variation rates were Extremadura (65.8%) and Castilla-La Mancha (20.3%), while those recording the most negative evolution were Illes Balears (-23.0%) and Comunidad de Madrid (-22.1%). The Communities showing the highest number of properties with condition changes per 100,000 inhabitants1 were Comunitat Valenciana (247), Castilla-La Mancha (147) and Región de Murcia (143). Those having the greatest number of registered mortgage cancellations per 100,000 inhabitants1 were Región de Murcia (194), La Rioja (188) and Comunitat Valenciana (182). Autonomous Community Mortgaged properties Average amount mortgaged in euros Mortgaged properties with changes in conditions Properties with cancelled mortgaged Number* TOTAL Andalucía Aragón Asturias (Principado de) Balears (Illes) Canarias Cantabria Castilla y León Castilla-La Mancha Cataluña Comunitat Valenciana Extremadura Galicia Madrid (Comunidad de) Murcia (Región de) Navarra (Comunidad Foral de) País Vasco Rioja (La) Ceuta Melilla * Per hundred thousand inhabitants 1 240 258 278 227 255 272 462 261 216 200 312 253 183 202 277 183 181 366 80 64 Variation Variation interannual Amount interannual Number* -29.9 148,798 -12.1 -34.8 126,856 -11.0 -2.5 137,248 -21.1 -7.7 121,238 -17.7 -47.5 151,428 -23.0 -8.3 120,566 -15.7 17.2 116,662 -16.7 -15.3 158,242 4.2 -54.1 165,706 20.3 -37.0 157,077 -18.4 -28.6 131,290 -6.6 -17.6 183,776 65.8 -21.2 116,462 -13.6 -28.8 212,724 -22.1 -48.2 124,818 -17.5 -17.4 190,366 -6.1 -16.6 191,877 -16.9 -23.9 115,133 11.4 -66.0 111,500 -29.5 -33.2 123,364 -2.8 Number* 110 107 103 104 86 45 39 73 147 100 247 38 76 115 143 40 25 76 0 19 132 142 130 130 119 122 160 136 133 108 182 102 75 140 194 117 86 188 142 75 This data was calculated from the revision of the figures of the Municipal Register for 2008. Only the population with ages comprised between 18 and 84 is considered. Provincial information From now on, the provincial results that were offered in this Press Release may be viewed at the following address of the INE website: http://www.ine.es/en/daco/daco42/daco426/hpro0209_en.pdf For further information see INEbase-www.ine.es/en/welcome_en.htm All press releases at: www.ine.es/en/prensa/prensa_en.htm Press office: Telephone: 91 583 93 63 / 94 08 – Fax: 91 583 90 87 - gprensa@ine.es Information area: Telephone: 91 583 91 00 – Fax: 91 583 91 58 – www.ine.es/infoine 4 Mortgages Statistics February 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 89,104 16,651 3,000 2,076 2,198 4,546 2,218 5,488 3,491 11,826 12,671 2,214 4,234 10,241 3,087 909 3,235 940 46 33 Amount 13,258,466 2,112,283 411,744 251,690 332,838 548,092 258,757 868,433 578,480 1,857,588 1,663,574 406,880 493,101 2,178,508 385,312 173,043 620,723 108,225 5,129 4,071 Rustic buildings Number Amount 4,392 1,049 99 146 177 168 86 301 284 206 778 149 258 138 312 56 131 54 0 0 1,353,208 290,918 41,874 27,076 39,407 37,108 20,012 204,692 140,889 69,419 172,250 57,378 34,628 76,060 77,889 7,915 35,387 20,306 0 0 Urban buildings Number Amount 84,712 15,602 2,901 1,930 2,021 4,378 2,132 5,187 3,207 11,620 11,893 2,065 3,976 10,103 2,775 853 3,104 886 46 33 11,905,258 1,821,365 369,870 224,614 293,431 510,984 238,745 663,741 437,591 1,788,169 1,491,324 349,502 458,473 2,102,448 307,423 165,128 585,336 87,919 5,129 4,071 28 April 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 84,712 15,602 2,901 1,930 2,021 4,378 2,132 5,187 3,207 11,620 11,893 2,065 3,976 10,103 2,775 853 3,104 886 46 33 11,905,258 1,821,365 369,870 224,614 293,431 510,984 238,745 663,741 437,591 1,788,169 1,491,324 349,502 458,473 2,102,448 307,423 165,128 585,336 87,919 5,129 4,071 Dwellings Number Capital 51,827 8,892 1,765 1,351 1,235 2,452 1,414 3,513 1,683 7,218 6,809 1,564 2,578 6,096 1,850 585 2,228 543 27 24 6,408,030 983,061 236,768 156,042 170,569 245,352 185,062 382,656 183,072 989,239 773,949 215,614 295,822 945,533 175,806 79,319 325,913 57,881 2,969 3,405 Lots Number 5,144 1,643 80 44 58 190 46 429 650 541 526 101 89 366 192 58 106 25 0 0 Capital 2,076,134 299,141 52,392 20,911 17,609 63,353 20,980 120,500 158,140 272,000 299,536 69,782 48,777 370,156 65,712 63,377 120,297 13,471 0 0 Other urban land Number Capital 27,741 5,067 1,056 535 728 1,736 672 1,245 874 3,861 4,558 400 1,309 3,641 733 210 770 318 19 9 3,421,094 539,163 80,710 47,661 105,253 202,279 32,703 160,585 96,379 526,930 417,839 64,106 113,874 786,759 65,905 22,432 139,126 16,567 2,160 666 M (TABLES ANNEX) - February 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 4,392 1,049 99 146 177 168 86 301 284 206 778 149 258 138 312 56 131 54 0 0 1,353,208 290,918 41,874 27,076 39,407 37,108 20,012 204,692 140,889 69,419 172,250 57,378 34,628 76,060 77,889 7,915 35,387 20,306 0 0 Banks Number 1,606 339 4 49 68 71 33 83 118 47 301 74 163 73 81 24 70 8 0 0 Capital 587,519 86,589 1,408 17,595 15,054 11,150 8,511 130,724 58,326 12,364 78,500 44,139 20,301 46,242 19,821 4,395 19,105 13,294 0 0 Savings banks Number Capital 1,819 436 72 43 87 67 39 163 100 105 279 51 89 61 139 11 49 28 0 0 611,402 155,753 35,510 5,293 22,199 21,882 11,301 60,270 77,295 44,777 54,987 11,127 13,741 28,471 49,414 3,165 12,321 3,895 0 0 Other banks Number Capital 967 274 23 54 22 30 14 55 66 54 198 24 6 4 92 21 12 18 0 0 154,287 48,576 4,956 4,188 2,154 4,076 200 13,698 5,268 12,278 38,763 2,112 586 1,347 8,654 355 3,961 3,117 0 0 M (TABLES ANNEX) - February 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 84,712 15,602 2,901 1,930 2,021 4,378 2,132 5,187 3,207 11,620 11,893 2,065 3,976 10,103 2,775 853 3,104 886 46 33 11,905,258 1,821,365 369,870 224,614 293,431 510,984 238,745 663,741 437,591 1,788,169 1,491,324 349,502 458,473 2,102,448 307,423 165,128 585,336 87,919 5,129 4,071 Banks Number 31,272 6,079 362 939 598 2,320 339 1,453 1,047 3,489 5,193 950 1,950 4,589 829 253 603 237 23 19 Capital 5,106,108 835,224 75,979 114,108 96,850 296,263 50,695 151,893 166,744 671,873 671,239 171,154 239,293 1,206,274 126,874 55,477 148,528 23,495 1,754 2,392 Savings banks Number Capital 45,602 7,773 2,126 797 1,292 1,792 1,748 3,291 1,875 7,232 5,426 1,064 1,902 4,847 1,481 434 1,959 530 22 11 5,793,576 789,231 245,388 87,565 176,582 192,375 184,451 455,864 238,421 1,022,857 654,895 168,847 205,050 734,318 141,249 83,555 354,050 54,210 3,195 1,475 Other banks Number Capital 7,838 1,750 413 194 131 266 45 443 285 899 1,274 51 124 667 465 166 542 119 1 3 1,005,574 196,910 48,503 22,941 19,999 22,346 3,599 55,984 32,426 93,439 165,190 9,501 14,130 161,856 39,300 26,096 82,758 10,214 180 204 M (TABLES ANNEX) - February 2009 (4/7) MS.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 49,040 9,172 1,407 1,189 1,027 2,040 769 2,866 2,149 6,429 7,402 893 1,736 7,098 2,155 580 1,525 482 82 39 Rustic buildings 1,608 484 42 68 46 57 16 196 59 103 197 59 74 27 129 17 23 11 0 0 Dwellings 33,520 6,263 877 778 600 1,187 505 1,932 1,537 4,442 5,114 624 1,185 5,164 1,395 433 1,057 359 42 26 Lots 1,283 356 22 9 13 132 27 99 72 118 79 41 28 183 47 19 21 16 1 0 Other urban land 12,629 2,069 466 334 368 664 221 639 481 1,766 2,012 169 449 1,724 584 111 424 96 39 13 M (TABLES ANNEX) - February 2009 (5/7) MS.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 15,952 3,208 333 353 383 954 250 940 613 1,544 2,419 293 719 2,756 555 94 360 95 61 22 Rustic buildings Urban buildings Savings Other Banks Savings Other Banks Savings Other banks banks banks banks banks banks 24,282 8,806 474 631 503 15,478 23,651 8,303 3,950 2,014 77 204 203 3,131 3,746 1,811 860 214 16 12 14 317 848 200 624 212 16 17 35 337 607 177 540 104 18 22 6 365 518 98 808 278 23 15 19 931 793 259 429 90 3 4 9 247 425 81 1,352 574 99 29 68 841 1,323 506 1,141 395 10 32 17 603 1,109 378 4,236 649 19 50 34 1,525 4,186 615 3,828 1,155 72 86 39 2,347 3,742 1,116 480 120 18 35 6 275 445 114 774 243 47 16 11 672 758 232 2,823 1,519 13 10 4 2,743 2,813 1,515 1,225 375 24 86 19 531 1,139 356 258 228 4 4 9 90 254 219 716 449 10 6 7 350 710 442 214 173 5 3 3 90 211 170 18 3 0 0 0 61 18 3 6 11 0 0 0 22 6 11 M (TABLES ANNEX) - February 2009 (6/7) MS.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 40,945 6,933 1,117 955 745 760 188 1,530 2,382 5,940 10,030 332 1,761 5,828 1,593 197 448 196 0 10 34,080 5,499 1,021 871 715 479 141 1,169 2,000 5,156 7,555 298 1,514 5,564 1,463 195 260 179 0 1 2,207 370 30 1 6 22 2 109 73 162 968 12 176 107 59 2 95 8 0 5 4,658 1,064 66 83 24 259 45 252 309 622 1,507 22 71 157 71 0 93 9 0 4 1,220 237 104 64 16 37 24 60 30 46 278 21 41 117 102 4 39 0 0 0 39,725 6,696 1,013 891 729 723 164 1,470 2,352 5,894 9,752 311 1,720 5,711 1,491 193 409 196 0 10 Dwellings 25,406 4,337 598 588 354 483 113 956 1,652 3,629 6,564 201 1,008 3,327 1,023 122 298 145 0 8 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) - February 2009 (7/7)