Keeping in mind that the BdE surveyed banks holding about 85% of outstanding mortgages in the country and that all figures refer only to private individual debtors, a few points stand out:
Total home repossessions amounted to about 0.6% of outstanding mortgages..
Repossessions of principal residences about 0.5%.
Nearly 21,000 of the 39,000* total were returned to the bank voluntarily and three-quarters of these were dations - the outstanding debt was fully satisfied by the transaction.
There were 18,000 judicial repossessions, 46 percent of the total.
Of these, 3,000 took place with the property still occupied by the owners or tenants.
Surprisingly low perhaps, at a bit over 10 percent, is the number of outstanding mortgages classified as being for secondary residences.
Repossessions of these, however, amounted to about 17 percent of the total, 22 percent of court-ordered and 19 percent of those with people living in the property.
We can think of a few explanations for the last figure. They range from the benevolent allowing family members to occupy the flat to being stuck with in-arrears renters to a couple of available strategies that it was hoped would prevent the foreclosures.Not to opine on the gravity of the problem, but readers might keep all this in mind when they come across news articles that imply that that there were some 92,000 home foreclosures in Spain last year. This figure refers to repossessions of all types - residential, commercial, industrial, agricultural and raw land - exercised on owners of all types - individuals and corporations.
*Readers can multiply these figures by 1.17 to arrive at a good estimate of actual totals. Total repossessions, for example, would be about 46,000.