Mortgage delinquencies experience biggest quarterly increase since March 2014

brutal climb euribor caused by the rise interest rates The inflation-fighting officials of the European Central Bank (ECB) are starting to damage the currency. families a person who goes into debt to buy a house. volume mortgages Those who have saved at least three months nonpayment increased by 3.9% between April and June 11.823 million eurosThis is as reported by the Bank of Spain on Monday. But the most important thing is that there is an increase compared to March. 443 million. About this subject steepest quarterly increase Since the incident occurred between January and January March 2014 (1.619 million) this is the quarter when mortgage defaults hit their peak as a result of the explosion. housing bubble.

So the bad mortgage balance has been falling more or less steadily since the first quarter of 2014. In all the past years only specific and anecdotal increases five quarters, but in all these cases it was in smaller amounts (between) 55 and 213 million) and its substitutes subsequent declines. But this time there are signs that this could be a start. trend change. Thus, the ECB’s interest rates are at their highest level since May 2001, Euribor is at its highest level in 2008, and high inflation continues. eroding income and solvency of houses.

Past due mortgages, yes, 2.44% of totalIt is a higher figure than in March (2.33%), but remains in historical comparison. is considerably lower than the rate. 6.28% maximum level reached March 2014. In any case, it is predictable keep increasing in the coming quarters. On the one hand, due to the said increase in outstanding mortgages. And on the other hand, because balance mortgage is coming Falling since June 2022 due to the decrease and increase in new operations advance repayments It is due to inflation shock. The bank’s mortgage portfolio has decreased by 13 billion 290 million units and 2.7% since then. 483.224 million euro.

Consumption and companies

Credits consumption The number of households is also recorded. increase in delays. The unpaid balance in the second quarter was 200 million lira. 4.148 million It increased by 2.11%, with an increase of 86 million euros, in parallel with the increase in the January-March period. Total consumer loan portfolio increased by 1.43 percent 94.580 millionbut since the increase in defaults is greater, ratio The number of defaults rose 4.38%. On the other hand, Loans to companies fell both overdue balance (522 million and 2.3%, up to 22,391 million) and rate (4.13% to 4.09%).

Default data by segment is published every three months with a certain delay, but default of total loan They’re more agile, which hints at what’s happening with defaults in the third quarter. Inside JulyThus, the total balance of the bank’s doubtful receivables is decreased 399 million and increased by 0.94% to 41,774 million euros. Therefore, the weight of unpaid debts in total loans given to the private sector continued in the second month of the year. 3.5%lowest level since December 2008. bankers And auditorsThey come in any situation warning They have been believing for some time that the sharp rise in interest rates will sooner or later lead to an increase in defaults, but they guarantee that it will happen temperate and even levels manageable for the industry.

On the other hand, the Bank of Spain also published other banking statistics. Thus, depository institutions They earned 12.608 million 3,848 million euros between January and June with their work in Spain and 43% more compared to the first half of 2022 (56%, thanks to the improvement in basic income due to the rate increase 17.128 million margin areas of interest). In addition, 52 more offices were closedreached 17,517; That’s a new low since the auditor began measuring it in 1981.

Source: Informacion

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