The average value of the mortgages signed in April

26 June 2009 Mortgage Statistics (Base 2003) April 2009. Provisional data The average value of the mortgages signed in April decreases 12.0% in the interannual rate and reaches 142,817 euros The number of mortgages that change conditions increases 26.3%, while registered cancellations decrease 37.8% During the month of April, the average amount per mortgage constituted stood at 142,817 euros, 12.0% less than for the same month the previous year, and similar to that recorded in March 2009. In the case of mortgages constituted for dwellings, the average amount was 115,442 euros, 18.4% less than in the same month of 2008, and 3.0% less than that recorded in March 2009. Average amount morgaged on total properties in thousands of euros 180 170 160 150 140 Mar-08 Oct-08 May-08 Nov-08 Dec-08 Sep-08 Mar-09 Feb-09 Jun-08 Jul-08 Apr-08 Jan-09 Aug-08 Apr-09 Average amount mortgaged on dwellings in thousands of euros 150 143 136 129 122 115 May-08 Mar-08 Oct-08 Nov-08 Dec-08 Sep-08 Mar-09 Feb-09 Jul-08 Apr-08 Jan-09 Jun-08 Aug-08 Apr-09 The value of the mortgages constituted on urban properties exceeded 10,598 million euros in April, representing an interannual decrease of 44.7%. In dwellings, the capital loaned surpassed 5,805 million euros, 52.6% less than in April 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) 83,562 11,934,035 142,817 5,317 1,335,615 251,197 78,245 10,598,420 135,452 50,288 5,805,351 115,442 -6.4 -6.3 0.0 23.6 50.6 21.9 -7.9 -10.6 -2.9 -4.1 -7.0 -3.0 Interannual -33.3 -41.3 -12.0 46.1 13.7 -22.2 -35.7 -44.7 -14.0 -41.9 -52.6 -18.4 Interannual accumulated -29.5 -37.4 -11.3 29.4 4.4 -19.3 -31.2 -39.8 -12.6 -37.6 -47.9 -16.4 1 Mortgages by institution Savings Banks were the institutions that granted the highest number of mortgage loans in April (53.1% of the total), followed by Banks (37.1%) and Other financial institutions (9.8%). Regarding the capital loaned, Savings Banks granted 46.3% of the total, Banks 43.4% and Other financial institutions 10.3%. Mortgage interest rates The average interest rate in April 2009 was 4.71%, indicating a decrease of 8.2% in the interannual rate, and a decrease of 7.7% as compared with March 2009. Average interes rate 5.70 5.40 5.10 4.80 4.50 May-08 Mar-08 Oct-08 Nov-08 Dec-08 Sep-08 Mar-09 Jul-08 Feb-09 Jun-08 Apr-08 Jan-09 Aug-08 Apr-09 By institution, the average interest rate of Savings Bank mortgage loans was 4.82%, and the average term was 22 years. Regarding Banks, the average interest rate for mortgage loans was 4.66% and the average term was 20 years. 95.7% of the mortgages constituted in April used a variable interest rate, as opposed to the 4.3% that used a fixed rate. Within the variables, the Euribor was the reference interest rate most used in constituting mortgages, specifically in 86.7% of new contracts. Mortgages with modified conditions In April, the total number of mortgages with modified conditions was 41,808, with an interannual growth of 26.3%. In the case of dwellings, the number of mortgages which modified their conditions was 27,071, that is, 14.6% more than the number registered in April 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 Number of changes on dwellings Mar-08 May-08 Nov-08 Dec-08 Mar-09 Oct-08 Feb-09 Jun-08 Jan-09 Jul-08 May-08 Sep-08 Oct-08 Jul-08 Feb-09 Mar-08 Nov-08 Dec-08 Aug-08 Sep-08 Mar-09 Jun-08 Apr-08 Apr-08 Jan-09 Apr-09 Considering the type of modification of the conditions, in April, 34,289 novations (or modifications within the same financial institution) were produced, representing an interannual increase of 44.3%. The number of loans that changed institution (subrogations creditor) was 5,246, for a 4.4% decrease in the interannual rate. In turn, 2,273 mortgages changed the holder of the mortgaged property (subrogations debtor), which implied a decrease of 41.0%. 2 Aug-08 Apr-09 Total Inter-monthly 4.3 1.3 36.0 15.8 Variation rate Interannual 26.3 44.3 -41.0 -4.4 Interannual accumulated 26.1 44.6 -41.8 -8.9 Total mortgages with changes -Novations -Subrogations Debtor -Subrogations Creditor 41,808 34,289 2,273 5,246 Number of mortgages with changes in interest rate conditions Of the 41,808 mortgages with modified conditions during the month of April, 44.1% were due to changes in interest rates. The percentage of mortgages at a fixed interest rate decreased after the change in conditions (from 3.6% to 1.5% 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 was that referring to Other interest rates (4.27%), whereas the average lowest interest after the change was the Euribor (4.79%). After the modification of conditions, the average interest of the loans decreased 0.34 points in fixed interest rate mortgages, and increased 0.32 points in variable interest rate mortgages. Interest rate modality Before the change in interest rate After the change in interest rate Original Final structure Average Original structure of interest after of interest average No. of interest rates No. of change rates (%) interest of loan mortgages (%) mortgages 669 3.6 5.06 285 1.5 4.72 17,653 95.7 4.50 17,841 96.7 4.82 262 1.4 4.92 178 1.0 5.23 776 4.2 4.40 389 2.1 5.28 426 2.3 4.62 218 1.2 5.62 0.4 4.56 34 0.2 5.18 70 15,592 84.5 4.50 16,769 90.9 4.79 527 2.9 4.27 252 1.4 4.82 119 0.7 317 1.7 18,442 100.0 18,442 100.0 Fixed Variable -MRTI Banks -MRTI Savings banks -MRTI All -Type Act. -Euribor -Others interest rates Without Total interest rate changes *MRTI: Mortgage Reference Trend Registered mortgage cancellations In April, 42,224 mortgage cancellations were registered, 37.8% less than in the same month of 2008. Mortgages cancelled on rustic properties decreased 25.9%, whilst those cancelled on urban properties decreased 38.1%. In the case of cancellations of mortgages constituted on dwellings, their number decreased 40.4% in the interannual rate. Total Inter-monthly -15.0 -14.4 -15.1 -15.7 Variation rate Interannual -37.8 -25.9 -38.1 -40.4 Interannual accumulated -29.2 -15.7 -29.6 -32.2 Total cancelled mortgages Rustic Urban -Dwellings 42,224 1,384 40,840 28,584 3 Geographical distribution La Rioja (610) registered the highest number of properties with mortgages constituted per 100,000 inhabitants1. This was the only Community that presented a positive variation rate (38.0%). The most negative evolution was recorded in Region de Murcia (-66.4%) and Castilla-La Mancha (-53.0%). The Autonomous Communities with the highest average mortgaged amount were Comunidad de Madrid (196,929 euros) and Aragón (189,287 euros). Those experiencing the greatest interannual variation rate were Región de Murcia (46.6%) and Castilla-La Mancha (12.2%), while those recording the most negative evolution were Illes Balears (-39.4%) and La Rioja (-28.7%). The Communities showing the highest number of properties with condition changes per 100,000 inhabitants1 were Comunitat Valenciana (245) and Castilla-La Mancha (204). Those having the greatest number of registered mortgage cancellations per 100,000 inhabitants1 were Región de Murcia (174) and Comunitat Valenciana (172). Autonomous Community Mortgaged properties Average amount mortgaged in euros Mortagaged 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 each hundred thousands inhabitants 1 225 225 259 198 304 287 256 243 195 177 295 184 202 194 260 154 203 610 61 102 Variation Variation interannual Amount interannual Number* -34.6 142,817 -12.0 -37.6 115,257 -26.0 -29.2 189,287 1.7 -29.0 126,978 -11.3 -27.4 119,354 -39.4 -25.0 137,712 -10.6 -42.7 102,830 -16.9 -14.0 132,523 -6.0 -53.0 166,531 12.2 -34.7 149,421 -26.0 -31.6 128,978 -2.8 -39.1 92,908 -14.6 -21.3 118,851 -7.7 -36.5 196,929 -7.9 -66.4 159,600 46.6 -48.5 170,500 -2.3 -12.4 184,698 -16.8 38.0 110,710 -28.7 -86.3 156,400 147.6 -35.7 117,094 -45.3 Number* 112 120 142 84 76 85 85 114 204 81 245 39 44 90 167 32 24 199 0 15 114 120 91 100 107 140 137 115 121 84 172 89 81 104 174 89 82 155 92 200 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/hpro0409_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 April 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 83,562 14,525 2,797 1,810 2,623 4,807 1,228 5,114 3,162 10,498 11,984 1,610 4,670 9,810 2,892 766 3,611 1,567 35 53 Amount 11,934,035 1,674,108 529,436 229,831 313,066 661,981 126,275 677,721 526,570 1,568,622 1,545,669 149,582 555,034 1,931,873 461,563 130,603 666,946 173,482 5,474 6,206 Rustic buildings Number Amount 5,317 937 208 236 165 120 37 256 256 166 1,502 149 198 518 354 31 75 109 0 0 1,335,615 176,924 67,983 60,095 35,278 18,461 3,957 78,819 33,851 62,104 287,772 31,087 27,590 243,606 171,412 5,710 18,552 12,415 0 0 Urban buildings Number Amount 78,245 13,588 2,589 1,574 2,458 4,687 1,191 4,858 2,906 10,332 10,482 1,461 4,472 9,292 2,538 735 3,536 1,458 35 53 10,598,420 1,497,184 461,453 169,736 277,788 643,520 122,318 598,902 492,719 1,506,518 1,257,897 118,495 527,444 1,688,267 290,151 124,893 648,394 161,067 5,474 6,206 26 June 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 78,245 13,588 2,589 1,574 2,458 4,687 1,191 4,858 2,906 10,332 10,482 1,461 4,472 9,292 2,538 735 3,536 1,458 35 53 10,598,420 1,497,184 461,453 169,736 277,788 643,520 122,318 598,902 492,719 1,506,518 1,257,897 118,495 527,444 1,688,267 290,151 124,893 648,394 161,067 5,474 6,206 Dwellings Number Capital 50,288 8,708 1,662 915 1,743 2,472 771 3,120 1,739 6,785 6,371 1,034 2,845 6,628 1,767 509 2,226 927 24 42 5,805,351 892,988 195,892 105,194 200,816 274,750 77,604 364,892 183,529 851,421 659,315 87,856 333,096 886,630 174,290 70,193 317,635 119,762 3,682 5,809 Lots Number 4,359 944 99 50 60 153 47 391 371 433 573 139 147 626 108 66 120 30 1 1 Capital 1,728,928 209,210 121,763 26,663 14,715 74,309 12,121 96,242 202,469 158,331 238,271 9,746 65,113 230,099 33,369 25,420 204,195 6,674 80 140 Other urban land Number Capital 23,598 3,936 828 609 655 2,062 373 1,347 796 3,114 3,538 288 1,480 2,038 663 160 1,190 501 10 10 3,064,141 394,986 143,798 37,879 62,257 294,461 32,593 137,768 106,721 496,766 360,311 20,893 129,235 571,538 82,492 29,280 126,564 34,631 1,712 257 M - (TABLES ANNEX) April 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 5,317 937 208 236 165 120 37 256 256 166 1,502 149 198 518 354 31 75 109 0 0 1,335,615 176,924 67,983 60,095 35,278 18,461 3,957 78,819 33,851 62,104 287,772 31,087 27,590 243,606 171,412 5,710 18,552 12,415 0 0 Banks Number 1,967 347 68 121 74 56 13 168 41 60 327 60 104 236 178 13 7 94 0 0 Capital 658,395 67,728 42,878 13,681 14,516 13,440 2,644 40,520 12,256 18,733 93,367 14,341 11,888 145,916 152,719 3,010 2,603 8,157 0 0 Savings banks Number Capital 2,319 424 80 74 77 52 10 70 172 75 772 66 90 179 99 14 50 15 0 0 486,641 81,830 15,867 44,135 14,689 3,697 736 34,254 18,364 36,569 117,352 8,784 15,141 64,070 12,042 2,204 12,650 4,258 0 0 Other banks Number Capital 1,031 166 60 41 14 12 14 18 43 31 403 23 4 103 77 4 18 0 0 0 190,579 27,366 9,238 2,279 6,073 1,324 577 4,045 3,231 6,802 77,053 7,962 561 33,620 6,651 496 3,299 0 0 0 M - (TABLES ANNEX) April 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 78,245 13,588 2,589 1,574 2,458 4,687 1,191 4,858 2,906 10,332 10,482 1,461 4,472 9,292 2,538 735 3,536 1,458 35 53 10,598,420 1,497,184 461,453 169,736 277,788 643,520 122,318 598,902 492,719 1,506,518 1,257,897 118,495 527,444 1,688,267 290,151 124,893 648,394 161,067 5,474 6,206 Banks Number 29,048 5,272 783 503 851 2,981 270 1,677 931 2,870 4,034 692 1,945 3,691 955 181 781 587 13 31 Capital 4,526,030 681,268 208,486 70,889 93,059 393,712 42,774 216,949 126,573 598,582 550,597 58,077 245,985 838,062 139,654 41,386 147,374 66,959 1,677 3,973 Savings banks Number Capital 42,032 7,008 1,414 899 1,433 1,455 650 2,738 1,731 6,482 5,359 711 2,416 5,074 1,161 362 2,324 779 21 15 5,039,097 670,802 204,698 83,422 163,958 220,065 71,070 332,168 263,938 801,443 532,036 56,511 257,040 705,508 113,956 56,296 428,776 72,279 3,687 1,445 Other banks Number Capital 7,165 1,308 392 172 174 251 271 443 244 980 1,089 58 111 527 422 192 431 92 1 7 1,033,293 145,114 48,269 15,425 20,771 29,743 8,474 49,785 102,208 106,493 175,264 3,907 24,419 144,697 36,541 27,211 72,244 21,829 110 788 M - (TABLES ANNEX) April 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 42,224 7,744 981 915 927 2,348 655 2,416 1,965 4,986 6,965 776 1,869 5,272 1,939 442 1,469 398 53 104 Rustic buildings 1,384 403 70 44 36 56 10 89 84 53 221 58 53 17 117 36 26 11 0 0 Dwellings 28,584 5,278 612 635 546 1,605 475 1,544 1,352 3,478 4,346 520 1,239 3,877 1,349 294 1,040 276 36 82 Lots 1,146 228 28 10 21 53 15 153 100 95 103 67 30 112 57 22 40 12 0 0 Other urban land 11,110 1,835 271 226 324 634 155 630 429 1,360 2,295 131 547 1,266 416 90 363 99 17 22 M - (TABLES ANNEX) April 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 14,242 2,574 269 397 396 992 201 673 449 1,330 2,759 254 799 1,923 579 93 429 81 24 20 Rustic buildings Urban buildings Savings Other Banks Savings Other Banks Savings Other banks banks banks banks banks banks 20,428 7,554 452 500 432 13,790 19,928 7,122 3,560 1,610 114 143 146 2,460 3,417 1,464 496 216 12 32 26 257 464 190 345 173 20 11 13 377 334 160 392 139 18 14 4 378 378 135 1,084 272 28 12 16 964 1,072 256 358 96 5 4 1 196 354 95 1,281 462 18 24 47 655 1,257 415 1,197 319 17 49 18 432 1,148 301 3,147 509 18 21 14 1,312 3,126 495 3,209 997 80 83 58 2,679 3,126 939 398 124 30 11 17 224 387 107 844 226 32 18 3 767 826 223 2,003 1,346 3 10 4 1,920 1,993 1,342 1,045 315 34 42 41 545 1,003 274 184 165 11 13 12 82 171 153 660 380 10 12 4 419 648 376 172 145 2 1 8 79 171 137 28 1 0 0 0 24 28 1 25 59 0 0 0 20 25 59 M - (TABLES ANNEX) April 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 41,808 7,720 1,533 764 652 1,421 406 2,400 3,307 4,820 9,928 337 1,020 4,541 1,863 158 419 511 0 8 34,289 6,267 1,319 662 598 1,027 359 2,025 2,670 3,982 7,665 318 883 3,942 1,649 157 269 497 0 0 2,273 557 105 46 24 10 0 84 91 169 836 1 34 229 39 1 42 2 0 3 5,246 896 109 56 30 384 47 291 546 669 1,427 18 103 370 175 0 108 12 0 5 1,173 213 32 71 19 30 26 129 45 45 218 15 50 126 125 2 23 4 0 0 40,635 7,507 1,501 693 633 1,391 380 2,271 3,262 4,775 9,710 322 970 4,415 1,738 156 396 507 0 8 Dwellings 27,071 5,246 892 456 488 976 234 1,190 2,228 3,507 5,812 216 577 3,117 1,398 93 305 328 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) April 2009 (7/7)