Sealed 874 ‘young mortgages’ in Balearaes
07.12.2005
Conselleria d'Obres Públiques has sealed a whole of 874 requests of ‘young mortgage’ of the 2.680 that have been received since the initiative was started in October, as he informed yesterday the department of Mabel Cabrer.
Of the whole of sealed requests, 611 correspond to citizens of Majorca, 168 to residents in the Pitiusas and 95 to Minorca.
Most of requests, 2.064, come from Majorca followed by Pitiusas (385) and Minorca (231). Other evidences of the big success that is having this system the fact is that the web page that publicizes it received in these two months 25.786 visits and that the number 900 700 003 attended to 20.917 calls.
Source: ultimahora.es
The OCU warns of a new increase of the mortgages
05.12.2005
The spokeswoman of the Consumer society, Ileana Izverniceanu, affirmed yesterday that the increase of the Euribor up to being located in 2,68 points, will involve more efforts in the families sobreendeudadas to come in order month, and thought that it is a question of “bad news”.
Like example, he quoted that a family with a mortgage for 120.000 euros to 20 years will have to pay twenty more euros every month and in a next future it will rise again.
In declarations to Europe Press it stressed that this increase supposes more hobbles with regard to the access to the housing, “especially in the big cities”, although it tinted that, after the Euribor had been in very low levels, more increases are foreseen, for what recommended that the people who wants to buy a housing, do not have to allow doing it.
The OCU believes that in spite of the negative of this news, it is a question of “something awaited” and that it cannot catch of surprise the Spanish consumers, since, according to this organization, “they have been already warned that it was very difficult to support such low levels”.
For it, the person in charge of the consumer society highlighted that the consumers and users must bear in mind that “one of the most common maxims in domestic expense is that the expenses never overcome to the income”. For it, it recommended “to have precaution”, this way - how “to very be right in the accounts” so that this measurement does not suppose very much damage to the families.
Also, the Consumer society remembered that this increase joins the increase that there foresees the European Central Bank of “half a quarter of point” of the interest rates, a fact “that would mean that for every million euros it would be necessary to pay six”.
Source: elcorreogallego.es
One of every four castellonenses already pays a mortgage
04.12.2005
Up to one of every four castellonenses he pays a mortgage. This way - one detaches of the information of the National Institute of Statistics (INE), in which it is indicated that, in the Castellón province, the banks, savings banks and credit cooperatives support open seas nearly 108.600 mortgage credits for the buy of urban farms.
It is a question of a few mortgages on which the increase will reverberate straight in a quarter of announced point of the interest rates last Thursday for the European Central Bank (BCE).
As tells the president of the Economists' School of Castellón, Enrique Vidal, the recent increase constitutes “the first movement of the types in two years and a half and the first increase for five”. For this motive, in the last times, the castellonenses have bet for the buy of a housing like a way of investing actively.
In this sense, the information of the INE reflects that, from the year 2002, the number of mortgages has not stopped growing, happening from 13.013 in the said date to 24.065 in 2004. Also, throughout 2005, the credit authorization to acquire a housing has been supported to the rise. Without going further, even I wither 17.660 had been signed. Precisely, it was in this month when the credit companies granted 3.219 mortgages, beating the records of last months.
Nevertheless, the indebtedness of the castellonenses goes beyond the mortgages. In the memory of 2004 of the Valencian Institute of Finance (IVF) it is reflected that in the province the global credits were reaching 12.772 million euros.
LESS ESPECULACIí “N En cuanto a the first consequences of the increase of the interest rates, which has placed them in 2,25 %, Vidal indicates that “it might brake a little the speculative movement”. Nevertheless, the expert thinks that “it will not discourage the buyers”.
Vidal values that the BCE will not keep on increasing the types in the short space of time. Despite it, the representative of the economists thinks that “if one will come to 3 %, it would not be so pessimistic, since the clients can lengthen the period and keep on paying”.
Less optimists appear in the Consumers' Union of Castellón (UCE). This way - since, his president, Juan Carlos Insa, indicates that “this increase does not affect of important form the families, but if we should come to a few interest rates of 3 %, it would be a disaster”. Insa notices that, as a result direct of this increase of the price of the money, “the users we will have to begin reducing expenses supérfluos, since, if not, there is no another way of going out forward”.
Also, from the UCE they insist that the families not only must pay every month the debts to the banks, but they are provided with other deferred payments that do not appear in the statistics.
Also they point out that the consumer comes to "drowned" 2006, with the increase of the prices of the gas and the light. This way - Insa affirms that “we are killing the hen of the golden eggs” and it justifies that, if the consumption is braked in favor of the saving, the provincial economy is slowed down.
Source: elperiodicomediterraneo.com
ADICAE demands the approval of the Law of Sobreendeudamiento of the Families
03.12.2005
Before the decision of the European Central Bank to approve an increase of a quarter of point the interest rates up to leaving them in 2,25 %, the Users' Association of Banks, Boxes and Insurances ADICAE (www.adicae.net) he wants to warn that, although this increase of the price of the money supposes an aftereffect moderated on the home economics, the next foreseeable rises of the interest rates in Europe they might cause serious damages to the Spanish families being able to bear serious sobreendeudamiento situations.
Although the impact of this increase can be assumed in the beginning by the Spanish families, although they suppose one more point at the time of the belt narrows, they confirm the forecasts of ADICAE of which we are before the end of the period of the price of the lowest money of the history in Spain, what will suppose new increases and the belt narrows moreover up to unbearable ends for the economy of the consumers. By all this from this Consumers' Association there are warned all the users of financial products (mortgages, personal credits, credit cards …) that the tendency is the increase of the price of the money. From ADICAE we consider to be necessary that this predisposition to the rise should turn out to be accompanied by prevention measurements, by what from this Consumers' Association there is demanded the starting of the Law of Sobreendeudamiento of the Families announced by the minister of Health and Consumption, Helen Salgado, during his first appearance in the Congress of the Deputies and in fulfillment of the program of government of the Spanish socialist party. The approval of this legislative measurement would relieve serious situations for the Spanish economy and would prevent million families from falling down in the sobreendeudamiento and from turning out to be poured out to have serious difficulties to pay the mortgages of his housings and the credits to the consumption requested to be able to come in order month.
ADICAE demands that, after the increase experienced in November of the Euribor that reached 2,684 %, the highest level from January of 2.003, banks and savings banks should not accumulate this increase to the rise approved today by the European Central Bank. This Association also needs to banks and savings banks that they move to the remuneration of his products of saving (deposits, checking accounts …) the aftereffect of this increase of interest rates.
From ADICAE the approval is demanded in Spain of a legal, already existing regulation in France and in Belgium, which should recognize the temporary sobreendeudameinto situation for the purpose of allowing to the consumer sanear this transitory situation within a period of reasonable time. This ADICAE position is shared by the Economic and Social Council of the European Community that has recommended in his report 2002/C 149/01 the harmonization of the legal frame of the States of the CE for prevention and rectification of the situations of sobreendeudamiento. It is necessary to remember that at present there is generalized the consumption of goods and services with financing on credit, the housing acquisition facing mortgages turn with low interests and the facility to gain access to loans by means of the credit cards authorization. Before this situation the Spanish consumer is exposed to the increases dangers in interest rates like the happened one today, to the increase of the fiscal imposition, to the reduction of the revenues or to the loss of the work, provoking in the familiar economy a sobreendeudamiento situation.
Before this risk situation for sobreendeudamiento, ADICAE repeats the following advices to all the users:
1-. To avoid, as far as possible, to get into debt without leaving any margin of reasonable maneuver (not to get into debt to the limit of the possibilities to acquire the housing), anything that generates difficulties and worry between the consumers given the uncontrolled price of the housing in Spain.
2-. To compare, before deciding on a housing and a mortgage, all the available offers. It is a question of the biggest expense in the life of a user, and to dedicate the sufficient time to study the existing possibilities can save several thousands of euros to us.
3-. To realize a planning previous to the income and expenses, both ordinary and extraordinary.
4-. To foresee and to consider those expenses that come only one time a year in the budget and to realize a provision for his expiration (IBI Imposed of Vehicles of Mechanical Haulage, Rents †“if it goes out to pay - insurance of the motorcar, insurance of the hearth, etc.)
5-. To limit the number of cards and his responsible consumption not to distort the expense
6-. To check periodically the balance and the movements of our checking account to avoid overdrafts and to control our consumption.
Source: ANIA
96,5 % of the employed mortgages uses a variable interest rate
02.12.2005
96,5 % of the mortgages that are constituted in Spain used a variable interest rate, opposite to 3,5 % remainder that was praised by a fixed type, and the euribor keeps on being the most used interest rate of reference, according to information of the National Institute of Statistics (INE).
In particular, 79,4 % of the mortgages constituted in August, last fact facilitated by the INE, used the European reference index, while the IRPH of the boxes was used in 8,3 % of the contracts and in 8,8 % of the mortgages he used other reference indexes.
The savings banks granted mortgage loans to an average interest of 3,39 % in an average term of 25 years, while the banks applied in his mortgage loans an average interest rate of 3,46 % in an average term of 23 years.
Opposite to them, in the credit cooperatives and land-banks, the average interest was located in 3,37 % in an average term of 23 years, while the financial credit establishments fixed an average type of 4,06 % in an average term of 28 years. The rest of financial institutions chose for an average interest of 3,83 % in an average term of 20 years.
The savings banks concentrated the biggest number of mortgage loans granted in August, including 53,4 % of the whole, continued by the banks, with 36,9 %, and other entities, with 9,7 % remaining.
The mortgage loan turned into the guaranteed operation used in 88,9 % of the mortgages constituted in August continued by the credit account, with 9,2 %.
Source: Terra - Europe Press
The average amount of the mortgages raised in August 18,1 %
02.12.2005
The capital given in the shape of mortgages by the financial institutions increased 32,1 % in August with regard to the same month of the previous year. According to the information of the National Institute of Statistics, in the last August new mortgages were constituted to the value of up to 19.252,3 million euros.
The average amount for mortgage was located in 146.762 euros, what supposes an increase of 18,1 % with regard to the same month of the previous year and 6,2 % more than in July. As for the number of constituted mortgages, it was 131.180 mortgages, what supposes a growth of 11,9 % on the previous year.
For his part, the average amount for mortgage constituted on housings was located in 129.918 euros in August, 15,5 % more than in the same month of 2004 and 3,5 % more than that of July, when it was located in 125.560 euros.
The value of the mortgages constituted on urban farms reached 18.222 million euros, with an interannual increase of 30,9 %, while in the rustic farms it reached 1.031 million euros, 58,4 %.
If it is compared with the previous month, in August the number of constituted mortgages lowered 1,9 % on rustic farms and 6,4 % on urban farms, while the given capital lowered 4,4 % on the rustic ones and 0,3 % on the urban ones.
For class of farm, 97,1 % of the mortgages constituted in August corresponded to urban farms and the rest to rustic.
Inside the urban ones, 71,5 % is housings, 26,2 % other urban farms and 2,3 % correspond to lots.
63,5 % of the housings with mortgage constituted in August belongs to physical persons and 36,5 % to juridical, while of the given capital, 60,6 % was given to physical persons and 39,4 % to juridical persons.
Source: ABC.es
Lugo is one of the provinces with less mortgages for every hundred thousand inhabitants
01.12.2005
The province of Lugo was in August the third one of Spain with minor number of farms mortgaged by every hundred thousand inhabitants and also third with the lowest mortgaged average amount.
According to the information referred to this month that has spread today the National Institute of Statistics, the average amount of the mortgages constituted in August increases 18,1 % in interannual valuation and reaches 146.762 euros, while the entire value of the new mortgage credits grows 32,1.
Murcia and Balearics were the autonomous regions in which more mortgages were constituted by every 100.000 inhabitants in August, although the mortgaged average amount was major in La Rioja and Madrid.
On the contrary, Extremadura and Gallicia are the autonomous regions with minor number of farms with mortgage constituted in August by every 100.000 inhabitants, with 183 and 226, respectively, and also there is Extremadura (100.000 euros) the one that there has cardinal minor given by inhabitant, followed by Castilla-La Mancha (119.000 euros).
As for concrete information, in Lugo 528 farms were mortgaged in August, with an entire capital for 44,2 million euros. 347 of these mortgages were for housing, with an entire capital near to 27 million euros.
Source: elprogreso.es
