Spain August Mortgage Volumes Fall For First Time Since 1992
Directory Home \| Spain News \| Spain Car Hire \| Dating In Spain \| Forums

Spain August Mortgage Volumes Fall For First Time Since 1992

Home >> Spanish Mortgages >> Spain August Mortgage Volumes Fall For First Time Since 1992

Wednesday, 22 Oct 2008

August mortgage volumes fell 0.1% from July, the AHE said. Compared with the corresponding month last year, August mortgages were up 7.2%, down from July's annual growth rate of 7.9%.

Spanish mortgage volumes fell in August for the first time since January 1992, the Mortgage Association Spain, or AHE, said in a release Tuesday.

August mortgage volumes fell 0.1% from July, the AHE said. Compared with the corresponding month last year, August mortgages were up 7.2%, down from July's annual growth rate of 7.9%.

AHE said it maintains its forecast that mortgage volumes will grow 4%-5% this year.

The Spanish mortgage market has slowed rapidly following the collapse of a decade-long housing boom earlier this year.

Demand for new homes has contracted sharply after prices rose to nearly three times 1997 levels and financing conditions toughened in the wake of the U.S. subprime mortgage crisis.

Source: http://www.barcelonareporter.com/