Home Mortgage Foreclosures Down 12.4% Y-o-Y in Q3

December 10th, 2015

According to the National Statistics Institute’s foreclosure statistics for the third quarter of 2015, the number of defaults on home mortgage loans in Spain are easing off. The statistical agency reported that from July to September the number of foreclosures initiated on main residences of individuals reached a total of 5,959, which is 12.4% less than in the same period of 2014 and 31.3% less than in the previous quarter. The agency also pointed out that not every foreclosure procedure ends with an eviction.

During the third quarter of 2015 a total of 11,584 foreclosure procedures were initiated on dwellings, representing a decline of 15.6% year-on-year and a decline of 32.7% quarter-on-quarter. Some 7,590 of these procedures related to the homes of individuals (5,959 were main residences and 1,631 were second homes) and 3,994 related to legal entities.

Of the foreclosures initiated on dwellings during the third quarter of the year, 13.9% were on new dwellings and 86.1% were on second hand homes, representing declines of 27.8% and 13.3%, respectively, over the previous year.

By region, those registering the greatest number of foreclosure proceedings on housing in the third quarter of 2015 were Andalucía (2,984), Valencia (2,339) and Catalonia (2,022), while in contrast, the regions to register the lowest numbers of foreclosures in this period were the Basque Country and Navarra (both with 63) and Asturias (67).

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