20.7% mortgage interannual growth

Nosis - March 7th 2007

As from the beginning of this year granting of mortgage accumulated an interannual increase of 20.7%, which was the highest since exiting convertibility.

Market sources consider that new loans for housing will amount to about $3,500 million this year.

According to the Central Bank, the evolution of the stock of credits is slower than that of the rest of the lines, Ámbito Financiero points out today, emphasizing that personal credits went up 77% in the last twelve months whereas the guaranty ones went up 44%.

The main banks granting mortgage say there has been an acceleration as from the last trimester of 2006 due to a better disposition to go into long term debt and to the wage increase that allowed a greater capacity to pay the quotas.

Thus, the average levels of credit granting climbed from $76,000 at the beginning of 2006 up to $96,000 in the present.

According to market data the average percentage financed now is 51% of the value of the good to be acquired while it reached 75% during convertibility.