Home loans plummet

THE NUMBER of new mortgages signed in the Baleares fell by a third in October. Just 586 home loans were agreed in October 2012, a 33.7 per cent drop compared to the same period in 2011.  And that was also a 20.7 per cent drop compared to the previous month.

According to figures by the National Statistics Institute (INE), only La Rioja (66.4 per cent), Navarra (40.7 per cent) and Galicia (34 per cent) suffered bigger falls in mortgage approvals between October 2011 and 2012,

That compares to an average fall in Spain for the same period of 14.4 per cent to 19,105, the 30th consecutive month approvals had fallen. Nationally September was worse with a 32.2 per cent drop.

The average mortgage value in October 2012 was €100,665, a 4.9 per cent drop compared to October 2011 and a 1.7 per cent drop compared to the previous month.

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