The Spanish residential mortgage market decreased for the 18th consecutive month in October, according to data released by the National Statistics Institute in Madrid.
Bloomberg reports that the volume of Spanish home loans dropped 42% from September to October and 43.6% from a year earlier. The total capital loaned to Spain's mortgage borrowers fell 40.6% in October, while the average price of Spanish houses and apartments declined 7.4% in the third quarter from a year earlier.
This data follows a Bank of Spain report last week that found the number of problematic loans originated by Spanish lenders reached 7.42% in October, a 17-year high.