Spanish mortgages go down for the third consecutive month

September 27, 2010 at 12:00 pm 2 comments

The level of approved mortgages doesn’t seem to pick up, although the decline has been reduced. The number of signed loans in July fell by 6.8%, for the third consecutive time. To put it in perspective, we have to say that, according to the National Institute of Statistics, in the same month last year the mortgages fell by 19%.

Mortgages go down for the third time in SpainThis development coincides with the spike in housing sales in July despite the entry into force of VAT, which has increased by about 7% to 8% for new homes.

These percentages can be considered surprising because home sales have increased in July. Price have hit the bottom, as Prime Minister Zapatero declared last week in the US.

Source: elpais.cm

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Entry filed under: Economy, Housing, News, Real estate. Tags: , , , , , , , , , .

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