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Spain June mortgage lending falls 25.9 pct y/y

Source: Reuters - Wed 26th Aug 2009

Spanish mortgage lending dropped 25.9 percent year-on-year in June, slowing from a 33.4 percent fall in May and a record 56.2 percent drop in April.

June mortgage lending dropped to 7.28 billion euros ($10.42 billion) amid soaring unemployment and a housing crash.

The average value of mortgages approved during the month was16.7 percent lower than a year earlier.

Spain's housing market, which fuelled a decade of robust economic growth, has gone into a deep freeze as banks restrict lending.

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