1200 Almerian families “defaulting on their mortgage”

According to Cajamar, there are currently some 1200 families in Almeria who have defaulted on their mortgage so far this year. Loan defaulting in general has shot up 28% with respect to last year, and Cajamar expects the situation to get worse, which is why its put 55M€ aside to cover such shortfalls.

Last year repossessions in Almeria were 0.3% of the whole market. So far this year it’s at 1.8% and is expected to reach 3% by years end. Mind you, during the last crisis of 93, it hit 9% so it’s still got some ways to go.

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