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The total value of mortgages created on urban buildings exceeded 21,300 million euros in November, representing an interannual decrease of 9.3%. In housing, the capital loaned reached almost 13,802 million euros, 13.3% less than in November 2006.
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The average interest rate of savings bank mortgage loans was 4.9% and the average term was 27 years. For banks, the average interest rate for mortgage loans was 5.0% and the average term was 25 years. 98.5% of the mortgages constituted in November used a variable interest rate, as opposed to the 1.5% that used a fixed rate. Within the variables, the Euribor was the reference interest rate most used in constituting mortgages, specifically in 87.7% of new contracts.
Retail sales in Spain are now in complete retreat, and on a seasonally adjusted basis have now declined for four consecutive months.
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If we look at the year on year tendency, this turned negative in December 2007 for the first time - falling by 1.9% over December 2006 - and if you look at the chart you will see that they have been losing momentum since 2006.
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The HICP annual inflation rate is expected by the INE to be 4.4% in January 2008, according to the flash estimate. This estimate provides a preview of Spanish inflation which, if confirmed, implies a slight increase in the monthly annual rate, since in December this HICP was at 4.3%.
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