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Spanish mortgage lending down 42%

Posted on 02 July 2009

From Homesoverseas.co.uk: The volume of new mortgages approved in Spain in April dropped by 42% to 50,288, compared to the corresponding month in 2008, illustrating the extraordinary fall in demand for property in Spain, according to data compiled by the country’s National Institute of Statistics (INE).

On a monthly basis, new lending fell 4.1% between March and April, while the average value of a new residential mortgage has fallen by 18.4% to €115,442 (£98,324), possibly to reflect the fact that Spanish property prices have fallen, while buying budgets have unquestionably dropped……….Full Article: Source


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