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The number of mortgages on residential property in Galicia fell by 9.81% in May to the 2452 operations.

The number of mortgages on homes in Galicia fell by 9.81 percent in May over the same month of last year, until 2820 formalized operations, according to data released today by the National Statistics Institute (INE).

Throughout Spain, the total brake housing mortgages on-year growth declined in May and 2.9 in relation to the same month of 2009, reaching 55 755.

This decrease ends year, aika gold, increases in January, February, March and April, months in which foreclosed homes advanced 2.3 percent, 8.5 percent, 2.4 percent and 0.2 percent respectively.

In Galicia, were allocated 254.1 million euros to the 2452 contract on residential mortgages in the fifth month of the year, a 9.27 percent less than twelve months ago. The average value amounted to 103 639 euros,, aion kinah for sale, amount which represents an increase of 0.6 percent compared to May 2009.

The total number of mortgages on land and property (in these last include dwellings) in Galicia reached in May of 4423, or 9.5 percent less than in the same month last year. To this end was for 412.7 million euros, 20.4 percent less than twelve months earlier.

With, jumpgate evolution credits, regard to rural properties, the total subscribed mortgages fell 24.2 percent from May 2009 to the 194, while the capital devoted to these operations reached EUR 22.6 million (43 per cent less than in the fifth month of previous year).

In addition, registration was canceled in May 1422 on residential mortgages underwritten in Galicia, 7.9 percent less than in the fifth month of last year. Changes also occurred in 974 contracted on residential mortgages.

State data

The number of mortgages on their homes curb growth in May and fell by 2.9 in relation to the same month of 2009, reaching 55 755. With this recession year, foreclosed homes put an end to the increases for January, February, March and April, months in which foreclosed homes advanced 2.3%, 8.5%, 2.4% and 0.2% , respectively.

However, inter-rate, foreclosed homes rose 10.8% compared to April, recording one of the largest monthly increases of recent times.

The average amount of mortgages on homes in May reached the 114 990 euros, 4.4% less than the same month of 2009, while the capital provided under a 7.2% annual rate, up to 6411.2 million euros.

In May, mortgages accounted for 88 339 rural and urban (in the latter includes households), representing an decrease of 8.1% over the same month of 2009 and an increase of 11.3% in inter-monthly rate.

The capital of mortgage credits granted under 15.2% in the fifth month of the year at annual rate, reaching 11.034 million euros, while the average amount of mortgages on farms total amounted to EUR 124 906 , 7.8% less than in May 2009 and 3.7% lower than last April.

Savings banks were the entities in May granted a greater number of mortgage loans, with 52.2% of the total, followed by banks (37.3%) and othersfinancial (10.5%). With regard to loan capital, banks granted 45.8% of the total, 43.4% banks and other financial institutions 10.8%.

Interest rate 3.92%

The average interest rate was 3.92% in May, representing a decrease of 14.8% annual rate.

In May the average interest rate mortgage loans by savings banks was 4.10% and the average period of 23 years. As for the banks, the average rate of mortgage loans was 3.82% and the average term of 22 years.

96.1% of mortgages in May I use a variable interest rate, compared to 3.9% fixed rate. Among the variables, the Euribor rrence rate is the most widely used in the construction of mortgages, in particular 89.8% of new contracts.

In May, the total number of mortgages with changes in its amendments was 45 450, down 6.4% yoy. In the case of housing, the number of mortgages that changed their conditions was 27 909, 14.6% less than in May 2009.

Changes in the terms of the mortgage

Given the kind of change in conditions, in May there were 36 772 innovations (or amendments made to the same financial institution), with an annual decrease of 5.4%.

For its part, the number of loans that entity was changed 6716, down 7% in the interannual rate. For its part, in 1962 changed the mortgage holder of the mortgaged property (subrogation of the debtor), representing a decrease of 20.6%.

Of the 45 450 mortgages with changing circumstances during the month of May, 35.5% were due to changes in interest rates.

The percentage of mortgages at fixed interest rate was reduced after the change of conditions (from 4.3% to 2% of total), since most of these loans came to be rrenced to a floating rate.

Within the structure of interest rates, the Euribor was the main rrence. The lower half interest before the change was in the boxes (4.24%) and after the change was the Euribor (3.45%).

After the modification of conditions, the average interest loans decreased 0.61 points in the fixed-rate mortgages and 1.15 points in variable-rate mortgages.

In addition, registration was canceled in May 48 871 mortgages, 0.5% less than the same month of 2009. Mortgages canceled on rural properties fell by 2.2% and urban properties canceled on 0.5%. The cancellations of mortgages on housing increased by 0.4% annual rate.

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