Mortgage Foreclosures Down in 2011

According to the Spanish Mortgage Association (AHE), 6.63% of unemployed workers have been affected by mortgage foreclosure proceedings since the beginning of the crisis up to the end of 2011.

The number of affected unemployed more than doubles the total percentage of households involved in foreclosures in this period, which stood at 2.46%. Taking the whole of the population into consideration, the total percentage of mortgage foreclosures since 2007 stood at 0.74%.

By region, the percentage of the unemployed population affected by mortgage foreclosure proceedings since the crisis began ranges between the 10.17% recorded in Valencia and the 3.21% of Extremadura.

According to the AHE, 77,854 foreclosure proceedings were initiated in 2011, representing a decrease of 16.9% compared to 2010 – the first drop after three consecutive years of increases. An annual decrease was recorded even though the quarterly figures showed a rise in the number of foreclosures initiated in the fourth quarter, compared with a fall in the third.

In contrast, El Mundo reported that the number of evictions continued to grow, reaching 58,241 in 2011, which represented an increase of 21% compared to 2010. As for the mortgage foreclosures, in 2011 the number of foreclosure proceedings initiated fell in all regions except in Galicia, where the number grew by 3.14%.

The largest decreases were recorded in Madrid, with a drop of 26.7%, Catalonia (-24.2%) and Castilla y León (-23.5%). At the other end, the most moderate falls were registered in the Basque Country (-0.09%), Cantabria (-2.54%) and Aragón (-6.02%). The region of Andalusia recorded the largest number of proceedings, with 21% of the total, above Valencia (19.1%), Catalonia (17.6%) and Madrid (9.7%).

Article source: Kyero.com

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