The INE has released May mortgage statistics.Briefly...
Total number of new mortgages originated in the Spanish banking system (light blue) maintain its mild uptrend from the beginning of the year. The 12-month total (red) has dipped. We suspect this reflects the disappearance of the May, 2009 spike that marked the recovery from that winter's generalized credit woes. Expect this to repeat again this autumn. There was another bout of panic in the summer of 2009.
The average amount loaned (orange) continues to bounce around in its normally volatile fashion. Its 12-month average (green) declines - again reflecting the same phenomenon as above, plus a probable continued mild diminution in house prices.
The total amount loaned (gray, dark blue) also bears witness to a continued, if light, pressure on prices.
As usual, the chart is posted at Extra Lettuce.
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