The euribor breaks the upward tendency of last months
28.08.2008
Almost safely, the Euribor is going to finish in August approximately seven tenths below the July level, with what it would be located in the level of 5,32 % opposite to 5,393 % of the previous month. Of confirming to him this fact, the Euribor might interrupt the upward tendency of last five months.
The analysts of the sector suppose that the fall in August might be an indicator of the behavior until December, but they indicate that the tensions continue on the credit market, for what completely new upturns cannot discard. Of all you form, they highlight that if they take place, they will be lighter than till now.
The Euribor there are repuntado approximately 0,727 points since it was arising the crisis of the mortgages "suboccupies first place" or of high risk in the United States in August of last year, since then it was located in 4,666 %, and it has overcome for two consecutive months his previous maximum one, marked in August, 2000 (5,248 %).
The financial analysts foresee that the Euribor will close in 2008 lightly over 5 %, several tenths below the current valuation, although they underline that it will not leave this medium-term level.
The mortgages of Spain between the most expensive of Europe
25.08.2008
The banking institutions of Spain were taking years the cheapest mortgages of Europe could presume to have in them, the information points now when the mortgages in Spain every time are more expensive. Of a whole of 15 countries examindados for the European Mortgage Federation (FHE), the interest rates applied in Spain are located in the tenth place from ends of 2007.
According to the information of the European organization, the interest rate most representative of the Spanish mortgages was located in 5,76 % in the last trimester of 2007 and in 5,67 % in the first one of 2008. More sales that the Spanish mortgages were those of Denmark, France, Greece, Sweden, Belgium, Germany, Ireland, Italy and Lithuania, with interest rates between 4,35 % and 5,56 %, in the Danish and Lithuanian cases. Some more faces resulted from the United Kingdom, Slovenia, Poland, Estonia or Hungary, with interest rates of up to 6,50 % in the mortgages most representative of the Polish market.
The FHE recommends to be cautious with the information of the comparison, since the applied interest rates are not homogeneous in its entirety. That's why, it recommends to take as a comparison point the “mortgage interest rate representative of the market” (the most frequent). According to this comparador, the typical Spanish mortgage of the first trimester () it turned out to be to 5,67 % almost a point more expensive than the French mortgage (to 4,70 %) and almost a point cheaper than that of Poland.
For the FHE, “the information of the countries suggests that the contraction of the credit, fruit of the international financial crisis, has been translated fundamentally in a restriction of the access to the credit for the consumers and not so much in an increase of the mortgage interest rates”. In fact, in some countries, like Spain, the mortgages got cheaper lightly in the first trimester of the year with regard to ends of 2007.
But the things have changed later. The report still does not gather the return of nut that the euríbor led during the second trimester. Especially in June, which took the average price of the new Spanish mortgages up to 5,90 %, according to the same indicator of the Spanish Bank that serves as base to the study of the European Mortgage Federation.
With this information and with the opinions about the financial institutions gathered in the Survey of Bank Loans, which the European Central Bank (BCE) prepares, the Spanish regulator comes to the conclusion that “during the second trimester, there have kept on hardening the conditions of family financing and companies, so much for the increases route in the cost of the funds, as for the application of more strict criteria of authorization on the part of the entities“. This way the Spanish Bank affirms it in his last Economic journal: the financial institutions not only give less money (as it was stated in the first trimester), but they give it more expensive.
The Spanish Bank confirms the historical increase of the Euribor to 5,393 % in July
21.08.2008
The consumers with mortgages to variable interest who sign his contracts from now on until September 18 and few fortunados to who it touches the review in this term, will see increasing his monthly quotas, because the Spanish Bank has confirmed that the Euribor to one year climbed last month up to the highest level of his history, 5,393 %.
Those that check his mortgages with annual reference (on the Euribor of July, 2007, placed in 4,564 %), with an average contract-150.000 euros to 25 years - will have to pay 72 more euros a month or, what is the same, they have to think about an increase for 864 euros in the whole exercise.
More difficult it will be had by whom for whom the renewal is with regard to the Euribor of six months behind (4,349 %). This more accented difference will suppose confronting a major extra charge. In particular, of 90 euros a month, what supposes almost 1.100 euros a year.
A minimal consolation they will think in the cámino that the mortgage Euribor continues in the last days, thanks to the descent of the oil price and the prick of the expectations of a new increase of the official price of the money.
The hiring of mortgage loans falls down 40 % in June
17.08.2008
The damaged health of the real estate sector, the expectations of which the prices of the housings keep on getting cheaper and repeated increases of the index euríbor to a few levels that make the mortgage loans slightly accessible remove every month that happens to the citizen of this financing. The amount of the new formalized mortgages last June is almost 40 % lower than the one that was hired in the equal month of 2007.
The banking institutions have happened of granting 14.051 millions in June from last year to only 8.514 million twelve months later. It is information of the Spanish Bank, which include both the new mortgages and the substitution operations. And the descent in the hiring is accentuated as it advances the year. In April, for example, the fall was limiting itself to 18,14 % and in the first semester it accumulates a descent of 36 %.
According to the entities, the only reason of the brutal fall is that the client does not request mortgages. In favor of this argument it is that the loans signature for housing buy takes long year and a half to the casualty. But there is a circumstance that validates the theory of which the entities are closing the hand: the loan steps back in all the niches of activity and clients.
Credit consumo:-28 %
The credits to the consumption, fall down nothing despicable 27,72 % on having compared the money concentrated on the contracts signed in June and identical month in 2007. An indication of which also it goes of more at least is that the destruction limits itself to 15,77 % on having arranged half-yearly numbers. The biggest impact is suffered by those of small amount and rapid authorization, commonly known like “rapid credits or express”.
The types increase has been only 25 basic points from August of last year (today it is in 4,25 %). But the euríbor, valuation to which the banking gives itself between themselves the funds and influences therefore the prices of the loans, has climbed from 4,64 % 5,366 %. A climb that translated for the quota of the mortgages, forces not few families to forget to ask for credits for caprices or small needs, not to be loaded with debts.
The families join before the inability to keep on paying his mortgages
11.08.2008
Neither more nor less than 86 households have composed the Buyers' Union of Housings Mortgaged with Unpayable Interests to try to face to the inability to keep on paying his mortgage loans.
The families have met in Alcala de Henares, summoned by different interested groups in solving a problem that in Spain, according to his information, might already be affecting approximately 120.000 families, 40 per cent of immigrant them.
He has emphasized the presence of families proceeding from Africa, but also there has been very numerous the participation of Rumanians and Bulgarians, groups with big presence in Alcala de Henares and the whole eastern zone of the region of Madrid.
The director of the juridical services of AESCO, Gustavo Fajardo, has shown to Efe the worry of the affected ones, which in most cases are what he names ‘united debtors’ that is to say, that several families share the mortgage of only one housing.
‘Some endorse others and between three or four families they share the buy of only one apartment, and what is happening is that any of them cannot pay, but the bank is going to keep on claiming the debt to the first holder of the mortgage, and the problem is increasing increasingly’, he has told Kulebyaka with meat.
The solution does not happen in this case for the return of the immigrants to his country because ‘they are afraid to be chased’, he has added.
‘The immigrant families have a double drama, because 10 or 15 years ago got into debt in his countries to come to Spain and to look for an employment and after this time they decided to do his life project in Spain, and now his situation is much worse than when they came because his debts are much bigger’.
The proposal of this civil platform is that each one, of individualized, present form before the courts a procedure of suspension of payments in order to renegotiate his debts to his creditors.
AESCO has already initiated conversations with some banking institutions and, while the number of bad debts keeps on growing, AESCO has already summoned two new meetings, in the quarter of Madrid of The Elipa and in Guadalajara, to keep on receiving affected.
The euríbor has marked a historical maximum
04.08.2008
The principal reference index in the mortgage loans is very related to the evolution of the prices, in July it broke all his marks on having reached 5,393 %. The fact, which will have to be confirmed by the Spanish Bank in the middle of August, will suppose a heavy blow for those that should check his loans, since it will endure an increase closely of 900 euros in case of the annual updates, and of almost 1.100 euros, in that of the half-yearly ones.
The euríbor gathers with certain advance the movements of the BCE. Therefore, it is possible to be supposed that it might have touched roof, since they do not wait for new movements for the rise on the part of the team of Jean-Claude Trichet.
Once the July fact is confirmed, who should check with annual reference (on the euríbor of July, 2007, which was 4,564 %) an average mortgage-150.000 euros to 25 years - will have to pay 72 more euros a month or, what is the same, 864 a year. For those who have half-yearly review, the cost will be major, of 90 euros than the month and of almost 1.100 euros than the year.
On the other hand, the Service of Studies of the BBVA presented yesterday an exhaustive market analysis of the housing in which he underlined that it is necessary to assume an adjustment «that is necessary and healthy». According to his forecasts, the price of the apartments will raise 0,8 % in 2008, while for 2009 he waits for a descent of 2,1 %.
