Spanish Mortgage Debt Up 25% In One Year
In Spain, the RE boom has pushed the country to the brink. "Household debt in Spain surpassed disposable income for the first time last year, posing risks for the stability of the financial system, the Bank of Spain said Monday."
"The increase in indebtedness of Spanish households is largely the result of much bigger mortgages to acquire the family home due to an ongoing property boom in which house prices have risen about 150 percent since 1997."
"According to figures from the Spanish Mortgage Association (AHE), total outstanding mortgage loans at the end of March stood at a new record of €615.132 billion, a rise of 24.5 percent from a year earlier."