Box Madrid puts on the market a fund of titulización of mortgages of VPO with the guarantee of the ICO
12.01.2009
Box Madrid has put on the market, with the guarantee of the ICO, the fund “Madrid ICO-FTVPO”, a fund of titulización of mortgage loans for a value for 295 million euros, of which 80 % will be endorsed by the Institute of Official Credit, ICO and with the purpose that the funds which origin is the laying of this product will re-invest in new financing of protected housing
Box Madrid turns the instrument that the ICO has facilitated to the market to finance the portfolios of mortgage loans to individuals for the buy of Protected Housing. slightly much interante for the facility that the ICO provides.
The entire amount of the portfolio of the fund is 295,3 million euros, of which 80 % is a financing of Protected Housing, since the fund AAA will express a specific bonds Stretch to the value of 260,3 MM of euros that will be endorsed by the ICO, what will facilitate his laying foreseen on the market of institutional investors in the first trimester of 2008.
The funds proceeding from the laying will be re-invested by Box Madrid in the financing of new protected housing.
The euribor descends up to 3 % for the first time from 2006
07.01.2009
They continue the continuous descents of the index euribor to twelve months, now another barrier has been pulverized. In his daily change, the principal reference to the calculation of the loan mortgage has descended up to 3 % for the first time from March, 2006, on having been located in 2,995 %.
The new year supports the downward tendency of the euribor. In his second day of 2009, the euribor to twelve months has descended from the barrier of 3 %. For almost three years, time has happened, it was not located below 3 %.
In his daily change, the euribor has repeated the same value that marked this March 2, 2006, 2,995 %, 0,03 percentage points below the fact with last Friday, the 3,025rd %.
The downward march of the euribor is supported for almost three months, from October 10, and in the short term the perspectives do not augur a change of tendency.
An appointment of special relief in the next dates will be the meeting that the European Central Bank (BCE) celebrates on January 15 to update his monetary policy. According to the majority forecasts that the market handles, this update would take form with a new clipping of the types, from 2,5 % current.
The euribor would have the way like that cleared to prolong these descents, extensible also to the indicator to three months, most used to evaluate the tensions on the interbank market. In his daily change of today, the euribor to three months has been located in 2,822 %.
Newly initiated in January, the medium month's characteristic is located in 3,010 %, almost 1,5 percentage points less than 4,498 % taken into account one year ago, in January, 2008. The medium month's characteristic of the euribor marks minimums from February, 2006, when it was located in 2,914 %, what will check substantially the mortgage loans that are checked in the next weeks.
In the next days, the banks will have to apply in his reviews the average of last December, of 3,452 %, who confirmed the Spanish Bank last Friday, what he will benefit to the persons who check his mortgages in the next weeks.
The BCE will work so that the Euribor goes down moreover
09.12.2008
Jaen-Claude Trichet, The president of the European Central Bank, has just recognized
that the euribor, keeps on being too high and I point out that they are working it to try to normalize.
The Trichet declaration before the European Parliament coincided with a nuev decrease of the Euribor, and there go already 42 consecutive descents, which it it was placing yesterday in 3,661 % in his daily quotation from his maximum of 5,526 %, reached last October 2.
The good news for those that have a mortgage employed is that the euribor consolidates tendency to the fall, to what helps the historical decided descent of the interest rates of 0,75 points last Thursday for the BCE and that leaves for the time being the official price of the money in 2,5 %.
In view of the unexpected intensity of the reduction of interest rates for the BCE due to the economic crisis - from October 8 until last Thursday the types have happened of 2,5 was in 4,25 % to the current one %-, the euribor has not accelerated too much his fall. Most of the analysts attribute it to that part of the movement to the fall of the BCE was already deducted and it did not surprise too much to the markets, therefore everything aims at that should discard a capital collapse of the principal index of reference in the mortgages hiring.
But yes he will continue his descent up to placing it in levels of 3,5 % or 3,2 % at the end of the present year, if - the euribor assumes the clipping of the BCE.De to confirm to him this information, they would suppose an exceptional reduction of the letters of the mortgages. This way, if there is cited as an example the euribor of December of last year, which was 4,793 %, the saving of an average loan-150.000 euros to 26 years from term to euribor more 0,5 points - might come up to 112 euros a month or, what is the same, 1.344 euros a year.
Will another real estate agency that falls down, be the last one?
28.11.2008
Habitat the Catalan one is the umpteenth big real estate agency that enters voluntary creditors contest. After much to annoy the partridge and several debt refinancings for the way the imperious law of the market also has finished with this real estate agency.
This morning it has presented in the courts of the Mercantile of Barcelona a request of voluntary contest of creditors leaving behind 2.300 millions of Euros of debit behind if.
The Habitat nightmare began only two years ago when to the heat of an expansive market that seemed not to have the company thin he decided to buy the real estate branch of Railroad, one of the principal shareholders of the real estate agency. To realize this acquisition the company did not come to an enlargement but I request a loan syndicated by approximately 1.600 million Euros. On an absolutely idle market as this one it makes impossible to him that it could face the same one.
Although it could look like a lie many people will be the caught ones in this history and names celebrate. As shareholders not only it appears the constructor of the family Of The Pine also there are names like Isak Andic, Dolores Ortega, José Antonio Castro, Emilio Cuatrecasas the family Rodés.
But also the banks will suffer the consequences of his excesses, between many others the most affected are The Caixa (232 millions), Box Madrid (220 millions), Banco Santander (218 millions), BBVA (200 millions) and Banco Popular (160 millions).
Regrettably not only these personages, who do not make us sad will turn out to be affected but clients, hard-working and small deserving.
You mortgage it they get cheaper for the first time in three years
27.11.2008
It seems that these Christmases come with a very special gift for all those that we have a mortgage. After three years of continued increases of the quota, the change of cycle provoked by the economic crisis seems that it is going to provide a mitigation to the Spanish families.
To today the Euribor has touched the psychological barrier of 4 % and it is foreseen that the month finishes below this one. The medium month's characteristic of November, which will serve to calculate the quotas in the December review, places below 4,4 % what represents a reduction of 0,2 % with regard to the valuation of 4,60 %-year ago-old. This dynamics is going to provoke the first reduction from September, 2005.
The change of situation will suppose a monthly saving of approximately 21 euros in the average quota and of 247 euros per year. The average mortgage quota rondrá then 792 euros.
Them more than foreseeable descents in the interest rates for next months and the relaxation on the interbank market they make to think about future descents of the index. If this cumplie, as we wait, most of the families will see a small light inside this adverse conjuncture and they will be able to come in order month without the belt of the mortgage pressing them so much.
Most of the analysts coincide that there is opened a new stage in which the debt of the families will turn out to be greatly limited and they hope that this should revive the consumption.
Real estate crack, 30 % less of sold houses
25.11.2008
The disaster of the Spanish real estate market seems to have no end. It was raised very much and now it will have to go down so much or more than it was raised.
During the third trimester of this year 130.884 housings sold in Spain with an interannual descent of 30 %. With regard to the previous trimester the descent is 8,6 %.
For type of housings, 54,9 % was a new work coming to 71.896 while the secondhand housing added 58.988 45,1 %. Only 5 % of the real estate sold in the period was housings of official protection, what gives samples of which hardly the revival of the market will be led by this type of housing.
For autonomous regions they were those of the Coast Mediterranean and focused on the second residence the most affected: Catalonia to the head (-42,6 %), followed by Balearics (-39,4 %) and Valencian Community (-29,8 %) [percentages in interannual valuations]. Also there turned out to be hard affected other communities like the Community of Madrid (-27,2 %), the Basque Country (-27,1 %), Aragon (-26,6 %) and Canaries (-25,6 %).
The savings banks keep on dominating the market but they lower lightly his quota in favor of the banks and credit cooperatives. The average amount of the new mortgages lowered 2,4 % again up to being located in 140.193 Euros.
The quota medium month's characteristic also diminishes and it is located in 834,33 Euros. Finally, it is necessary to emphasize that the period of average amortization happens of 26 years and 11 months to 26 years and 3 months.
What yes we seem to realize well the Spanish that we dare to buy a housing, already be for will or out of necessity, the fact is that we choose a variable type. You mortgage it of these characteristics those of fixed type suppose 98 % of the entire addend scarcely 2 %.
Euribor, in free fall and without touching fund
24.11.2008
37 are already the consecutive days that the Euribor takes falling down non-stop, which places the valuation in 4,077 %. A this fact that was not remembered from February, 2007.
The principal reason of this one is still lowered is the application of the measured anticrises adopted as the governments of the European Union, although the most direct motive owes to the reduction of the interest rates of the money that there gives the European Central Bank (BCE) that has come to 3,25 %.
It seems, then, that the interbank market is begun calming and the confidence, appears again on the market although it is in small doses. As sample of it is necessary to emphasize that the differential between official types and Euribor has diminished greatly until 0,83 % marked the current one, still far from the historical average of 0,4 % but much more normal that the one that we had does many little, with 1,25 %.
The Euribor not only continues this tendency for the descents produced till now in the official interest rate but also for the expectations that exist of that it keeps on falling down. Most likely in the meeting of December 4, the BCE will cut away in other 0,5 %, leaving it in 2,75 %.
This information is a big mitigation for the mortgaged families that, in accordance with these expectations, they will see as they lower his monthly quotas. The November average is located in 4,43 % for lack of still 4 meetings, what makes foresee that it falls down up to 4,40 %. Since the average Euríbor of November of last year was of 4,60 % this a saving will suppose of apróximadamente approximately 20 Euros in the quota for those that have review this month.
Most of analysts place to the reference index below 4 % at the end of year, although personally I am more optimistic and venture that it might be below 3,25 %. This will suppose a strong stimulus for the consumers and also for the companies since both will see his charges relieved.
The Community of Madrid will apply fiscal measurements to compensate the increase of the mortgages
22.11.2008
“Less taxes, more well-being”. This was the principal slogan of the electoral campaign of Hope Aguirre in 2007. Although in times of crisis as that we are the arks of the Community of Madrid are already in red numbers, therefore the fiscal deductions will limit themselves to the educational ambience and of housing.
The Council of Government approved the draft of Law of Fiscal and Administrative Measurements of the Budgets of 2009. These measurements will benefit more than 750.000 persons according to Commission calculations. But the government of Hope Aguirre guarantees that these measurements do not aggravate moreover his red numbers, since they will only begin being taken into account from 2011. This is because until this year it will not be when the State reverberates the quantities that it collected in the autonomic stretch of the IRPF.
The measurements that the citizens of Madrid it will begin noticing from next year are based on deductions in the IRPF by rehabilitation or acquisition of housing that allow to compensate the rise of the interest rates. The calculation will be fixed in the difference between the average types of the year 2007 and the average types of the year 2008. A maximum ceiling joins to the base of calculation of 36.200 € for joint declarations and 25.600 € in case it is individual.
Quite you are measured they are, in words of the adviser Antonio Beteta, “a help to support the load for the increase of the interest rates, due to the progressive climb of the Euribor”. The new fiscal measurements will be applied to the declaration of 2009 with the information of this year, although the Commission does not discard to extend the measurements next years if the types rises continue.
Arab and Chinese they go for the Spanish soil
21.11.2008
Who would say that some day we would write a holder like that! Since the true thing is that the moment has come and is not a science fiction. The insult Martinsa-Fadesa has admitted that he is negotiating with funds of Dubai and China to sell to them soil.
The news might make us believe that these come to save the broken plates of the real estate agency, but the truth is that these funds offer for these areas a value lower than the debt that relapses on them. This situation provokes that the real estate agency has to ask for permission to the deserving banks to realize the sale, which not long ago probable that it takes place since the banks would prefer to remain with the assets to assume a loss in his balances.
The case is not new. Already approximately it has been one year since the same situation happened in the Colonial real estate agency and of that time the banks preferred to remain with the company and his assets before selling it in losses. Analyzing one and another case, we see a quite big difference between two real estate agencies since on the one hand Colonial is a patrimonialista where most of his income come from the revenues of his real estate of the first level in the principal cities of Spain as well as in Paris. On the other hand the principal assets of Martinsa-Fadesa are a soil without constructing and without income appellants. Perhaps this does that the banks take a different decision, but he will only say the time to us.
The situation of the real estate agency is more and more serious because it does not have scarcely sales and all his promotions are stopped. At the beginning of month Martinsa-Fadesa offered to the banks the payment of accounts with a discount of 50 % in exchange for the fact that it was they who were the first ones in charging.
The availability increases on the Spanish office market
21.11.2008
The last report regarding the third trimester of this year published by the branch of BNP Paribas Real you Be, AtisReal, sample that the global deceleration is beginning to be evident on the real estate office market.
Anyhow the change is still small owed, between other things, to which many works have been paralyzed or his opening has been postponed for the first trimester of next year.
In Barcelona the hiring in what we go of year reaches 255.000 m2 with an increase of 1,4 %. The availability has increased lightly, topcoat in the center, and multitude of paralyzed projects exists or late. Anyhow the revenues levels are similar to those of other years and strong oscillations are not foreseen.
As for Madrid, the hiring promotes 410.000 m2, a level similar to that of last years, but the free offer has increased greatly coming to 7,9 % of availability. The revenues in the capital are supported stable with a light tone the casualty that might increase if the crisis gets longer.
In Europe sew it són greatly more serious, especially in the United Kingdom. The recession is causing depreciation in the revenues and important reductions in the hiring. In this third trimester it seems that the descent is going to slow down, but it still keeps on being bigger than the waited one by the experts and there might be accentuated if the crisis is intensified as dismissals.
The companies, before this situation, are regrouping his offices and making more efficient his work as way of confronting the immediate future. For the time being no change is glimpsed in the real estate office panorama in Europe that makes think about a recovery.
