Foreclosures fell 27.7% on the annual rate
The number of foreclosures carried out in the second quarter of 2016 was 20,927. This represents an increase of 8.1% when we compare the figures to the previous quarter. When comparing to the second quarter of 2015 the number actually fell by 27.7%.
Amongst the actions, 6,398 were on a primary residence (26.2% less than in Q2 2015), and 1,652 were on secondary residences (32.5% less).
WIth the total households in Spain numbering some 18 million, the number of foreclosures initiated from April to June amounted to just 0.04% of all Spain’s homes, according to the latest data from the National Statistics Institute.
Of the total foreclosures in Q2, 57.1% were on homes. 30.6% were on homes owned by individuals, while 18.6% were on properties owned by a business or other legal entity.
Foreclosures on other urban property (locals, garages, offices, storage rooms, warehouses, residential buildings, other buildings and urban land use) accounted for 32.8% of the total.
13.6% of foreclosures were on new property, a decline of 25.1%. On used properties the number fell by 31.2% on the annual rate.
20.1% of foreclosures on homes in the second quarter correspond to mortgages constituted in 2007. 15.8% were from 2006, and 13.6% were on properties where the mortgage was constituted in 2008.
The period 2005 – 2008 accounts for 59.4% of the total started in the second quarter of this year.
Of the total carried between April and June, 0.13% of the mortgages were initiated between 2003 and 2015.
By Autonomous Community
The communities to see the highest figures in Q2 were Andalusia (6,478), Valencia (3398) and Catalonia (3,042). La Rioja (85), Navarre (107) and Basque Country (129) recorded the lowest numbers.
When looking only at housing the figures are: Andalusia (3,520), Valencia (2070) and Catalonia (1,999).
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