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A report published online earlier this morning by Spain's National Institute of Statistics (INE) has revealed how the number of mortgages awarded for Spanish resedential properties decreased by 26.2% in December 2012, when compared to the same period a year earlier.
The report went on to show how the average value of succesfully awarded mortgage applications fell by 2.6% year-on-year to reach €108'622 during the same month.
However, when discounting Mortgages awarded for commerical or non residential purposes, the average value fell to €101'460 - a decreased of 3.0% on December 2011, and 3.6% down on figures from November 2012.
December 2012 now marks the 32nd consecutive month where mortgage awards have fallen. Recent data from the Ministry of Public works has also shown how resedential property prices in Spain are currently an average of 27.2% below their peak prices as seen in Q2 of 2008, before the collapse of the property market took it's toll.
