Posted on June 6, 2016 in Property

The number of foreclosures initiated on primary residences in Spain stood at a total of 6,118 in the first quarter of this year which, according to the latest foreclosure statistics published by the National Statistics Institute, represents a decline of 31.2% compared with the same period of last year.

Quarter-on-quarter, the number of foreclosures on homes fell by 11.3% in the first quarter of 2016 over the fourth quarter of 2015.

In the first quarter, a total of 19,354 foreclosures were initiated, which is 37.9% less than in the same period of 2015 and 14.1% less than in the previous quarter. Of these, some 18,198 related to urban properties (including housing), and 1,156 to rural properties.

El Economista reported that foreclosures on urban properties fell by 38.6% in relation to the first quarter of 2015, and by 14.8% over the previous quarter. Within these, some 11,278 of the foreclosures were on housing, down 36.7% from the same period of 2015.

Within the homes segment, the number of foreclosures on homes of individuals totalled 7,854 in the first quarter (-30.9% year-on-year), of which 6,118 were primary residences and 1,736 were not the main residence of the owners. The latter fell by 29.8% compared with the first quarter of 2015.

According to the statistical agency, of all the family homes currently existing in Spain (18,408,300), foreclosures were initiated on only 0.03% of them between January and March 2016.

Of the total foreclosures initiated on homes in the first quarter of the year, some 9,743 related to second hand housing, representing a year-on-year decline of 37.5%, while foreclosures on new homes totalled 1,535, which is 31.6% less than in the same quarter of 2015.

Andalucía was the region to register the greatest number of foreclosures on homes in the first quarter, with a total of 3,144, followed by Catalonia (2,113) and Valencia (2,094). In contrast, the regions to register the least number of foreclosures on homes were Cantabria (43), La Rioja (54) and Navarra (61).

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