Foreclosures fall 14% to their lowest level in two years

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The number of foreclosures on primary residences stood at 2,022 in the third quarter of the year, a figure that is the lowest since the third quarter of 2020 and which represents a decrease of 13.8% compared to the same period of 2021 and 36.1% compared to the previous quarter. It is the second consecutive decrease registered in foreclosures on habitual residence after seven quarters of increases, according to statistics published this Monday by the National Institute of Statistics (INE).

The main objective of this statistic is to offer, on a quarterly basis, the number of foreclosure certifications initiated and registered in the Property Registries during the reference quarter. Statistics reminds that not all foreclosures end with the release (eviction) of their owners.

In the third quarter of this year 4,105 foreclosures were initiated, 38.3% less than in the same period of 2021 and 42.3% less compared to the second quarter of 2022. Of these, 3,917 affected urban farms (which include homes) and 188 rustic farms.

Foreclosures on urban properties fell 37.3% year-on-year in the third quarter and 41.7% in relation to the previous quarter. Within urban farms, 2,884 executions corresponded to homes, 29.9% less than in the third quarter of 2021 and 37.2% less compared to the previous quarter.

Home foreclosures accounted for 70.3% of the total. 9.2% corresponded to homes belonging to legal persons (377 executions, 68.1% less in annual rate), and 11.8% to other homes owned by natural persons. For their part, foreclosures in other urban areas (premises, garages, offices, storage rooms, warehouses, residential buildings, other buildings and urban developments) accounted for 22.7% of the total.

Most, mortgages signed before the financial crisis

Considering the state of the home, 9% of the foreclosures in the third quarter were on new homes and 91% on used ones; the number of foreclosures on new homes decreased by 49.2% in annual rate, and that of used homes decreased by 27.1%.

According to the year of registration of the mortgage, 15.6% of foreclosures initiated on homes in the third quarter correspond to mortgages constituted in 2006, 15.2% to mortgages constituted in 2007 and 10.8% to 2005 mortgages. Thus, the 2005-2008 period concentrates 49.7% of foreclosures started in the quarter.

By territories, the autonomous regions with the highest number of certifications for foreclosures over the total number of properties in the third quarter are Andalusia (995), the Valencian Community (767) and Catalonia (764). At the other end of the table, the Comunidad Foral de Navarra (15), La Rioja (21) and the Basque Country (32) registered the lowest figures.

In the case of homes, Andalusia (604), the Valencian Community (510) and Catalonia (492) presented the highest number of executions, and the Foral Community of Navarra (10), La Rioja (14), Cantabria and the Basque Country (both 24), the youngest.

Source: lainformacion.com

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