Banks and financial institutions spend more time canceling mortgage loans than signing new ones in recent times. The rise in interest rates paralyzes some applications while waiting for better times and accelerates cancellation after doing the math at home. This is clear from the monthly statistics on mortgages prepared by the National Statistics Institute.
According to this study, in the province of Burgos the balance is negative in the month of July and accumulates more cancellations than new constitutions in the annual accumulated. Thus, the last month analyzed by the statistics records the constitution of 287 mortgages in total compared to the 481 cancelled. That is, for every six loans that are amortized, four new ones are opened.
Regarding home mortgages, the figure follows a similar but less disruptive trend. Of course, the mortgages that are established are becoming fewer and fewer while those that are canceled are increasingly more. In this way, 218 loans have been signed for the purchase of homes while 291 have been canceled in July.
In the annual accumulated, the reverse trend that worsened in the month of July continues. In this way, with regard to all types of plots, 2,389 mortgage loans have been established from January to July. The number of cancellations in the same period was 2,667. In the housing mortgage market, the situation is tighter. 1,534 loans have been registered compared to the 1,779 mortgages canceled on a property for residential use.
The year-on-year comparison reflects that the creation of mortgages remains in the doldrums waiting for better winds in the form of interest rates. 31.5% fewer mortgaged properties have been registered in the month of July. The 287 in the seventh month of the year are far from the 419 registered in July 2022. Regarding homes exclusively, there have been 218 residential mortgages compared to 292.
In the accumulated annual figure, there is a decrease of up to 30%, with 1,534 mortgages on homes registered compared to the 2,176 accumulated in the first seven months of 2022. In the total number of properties, the heading of new loans falls by 25.5% when reaching the 2,389 accumulated between January and July of this year compared to the 3,219 of the same period last year.
Cancellations decrease in some headings. Thus, 12% more have been canceled so far this month, 481 mortgages on properties this year compared to 429 last year, but overall there are fewer. Last year, a total of 2,816 loans on rural and urban properties were canceled compared to the 2,665 this year. That is, amortization decreases by 5% in the accumulated annual period.
Regarding the cancellation of mortgages on residential housing, in July there were 291, 22% more than a year ago when 54 more were registered. In the cumulative total of the entire year, until July, 1,779 home loans have been amortized, which represents an increase of 4.7% compared to the accumulated figure for 2022, which, between January and July, recorded 1,698 cancellations of home mortgages.
As for the rest of the types of properties that are mortgaged, the rural ones stand out, of which only four operations have been registered in July for a value of 2.5 million euros. That is, for each rural property, where building cannot be done, an average loan of 625,000 euros has been granted. In July alone, almost half of the 5.4 million that have been lent with the mortgage of 37 rural properties so far this year have been moved.
The most numerous, due to the weight of the homes, are loans on urban properties. In July, half the number of mortgages were registered, going from 407 in July 2022 to 283 in the same month of this year. In the accumulated total there are 2,352 this year compared to 3,030 last year.
2023-09-28 03:37:59
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