The ballast of the last bubble of 'brick': 54% of foreclosures fall on housing purchased at that time

Now that the housing market returns to live a time of splendor, many ghosts of the last bubble revive. Its consequences seem widely digested by the sector, bu

The ballast of the last bubble of 'brick': 54% of foreclosures fall on housing purchased at that time

Now that the housing market returns to live a time of splendor, many ghosts of the last bubble revive. Its consequences seem widely digested by the sector, but there is still some reminiscence and the statistics of foreclosures are reminded them of every time. At that time, in fact, more than half of the homes were purchased that have been affected by a process thus in the third quarter of this year, specifically, 54.2%.

Those years agree with fever for buying house that was unleashed in the country at the beginning of 2000. The operations were shot covered by a banking sector that opened the mortgage credit faucet as it had not been done before and both factors pushed the prices of The houses up to maximum that have not been repeated again. Thousands of families were trapped in very high mortgages and, judging by the data known yesterday, there are still many that still today can not face their dues.

In fact, 15.2% of the foreclosures initiated on homes in the third quarter correspond to mortgages constituted in 2007; 13%, to mortgages of 2006 and 9.3%, mortgages of 2005. The period 2005-2008 concentrates 45.9% of the foreclosures started this quarter. If we expand the range, 5.6% loans for homes now in foreclosure processes date from the year 2004 and 11.1%, until 2003.

"It is not only mortgages that were possibly more expensive, but of houses that were bought in a situation where access to credit was extremely simple, risk analysis shone because of its absence and credit far exceeded 80% of value Total, which was already elevated. So in the end we are talking about that in foreclosures we are still dragging part of that real estate bubble, "says Ferran Font, director of studies and spokesman of the Real Estate Portal Pisos.com.

The data, published by the National Institute of Statistics, also speak of how the residential market is gradually normalized and aim to a trend that could end up several years of annual setbacks in the foreclosures on usual homes in Spain. The maximum was reached in 2007 and after a last drop-down patch, 2021 could be a turning point.

That despite the "social shield" deployed the government during the pandemic and measures such as the mortgage moratorium that the executive maintained during the worst moments of the confines and until last March. Once all the protections are completed, the housing foreclosures are again majorities within the total of foreclosures. Altogether reached 4,035, 62% of all the executions of the third trimester (6,507).

Of that percentage, 34.8% corresponded to usual dwellings of natural persons; SUMAN 2,266, 22.7% more than in the third quarter of 2020 and it would be necessary to go back to 2016 to find an exercise with a third trimester with higher figures. In 2020 and still in pandemic, the data stayed at 1.846; In 2019, it was a total of 990 between July and September and in 2018, 1,204 procedures.

Returning to the last balance, 18.5% of housing executions correspond to real estate of legal persons and 8.7% to other dwellings of individuals; That is, in the first case there are 1,201 executions (49.5% less at an annual rate) and in the second are 568, 10.7% more.

Regarding the state of housing, 11.8% of the foreclosures fell on new homes - a 42.3% less than one year ago - and 88.2% on used-a 9% below-.

Date Of Update: 09 December 2021, 04:39

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