Spain lending falls 33%

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Spain lending falls 33%

News Article Date: Monday 03rd of August 2009

MADRID, July 28 . - Spanish mortgage lending dropped 33.4 percent year-on-year in May, as the pace of decline slowed from the previous month's record contraction, the government's National Statistics Institute said on Tuesday. May mortage lending dropped to 6.98 billion euros ($9.97 billion) amid soaring unemployment and sliding house prices. The average value of mortgages conceded during the month was 14.4 percent lower than a year earlier at 135,749 euros. The data followed a record decline in mortage applications of 52.6 percent in April and a 32.2 percent fall in home sales in the same month. Spain's housing market, which provided the motor for a decade of vigorous growth, has gone into a deepfreeze as banks restrict lending.

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