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500,000 Spanish banks have more than the cost of their housing

30.01.2014
Homesoverseas.ru editorial office
41
At about half a million Spaniards outstanding mortgage exceeds the value of their property, according to the analytical portal Kelisto.es, reports Theolivepress.es . Over the past five years, the proportion of borrowers has increased from 0.3% to 9.5%. Estefania Gonzalez from Kelisto.es reported that the number of borrowers in arrears in an amount exceeding the cost of housing, does not cease to grow. The maximum growth was in 2011, when the number of debtors increased by 847% compared with the previous year. Total debt of borrowers amounted to 13 bln. Euro. The average difference in the amount of the loan in relation to the cost of housing is 22 216 euros. The sum of the average loan amounts to about EUR 100 000. The situation in which the debt on the mortgage exceeds the cost of housing, arises in the rapid decline in real estate prices. The average price of housing in Spain from 2007 to 2013 fell by 38%, from 245 313
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seller: RENTSALE
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