• The 'brick paradox' Fear of another bubble in the country where it is increasingly difficult to have a home

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Now that the housing market is back in its prime, many

ghosts of the last bubble are being revived

. Its consequences seem widely digested by the sector, but there is still some reminiscence and the statistics of foreclosures remember them from time to time. At that time, in fact, more than half of the homes that have been affected by such a process were bought in the third quarter of this year, specifically, 54.2%.

Those years coincide with the fever to buy a house that broke out in the country in the early 2000s. Operations soared under the protection of a banking sector that turned on

the tap of



as had not been done before and both factors pushed the prices of the houses to maximums that have not been repeated.

Thousands of families were trapped in very high mortgages

and, judging by the data available yesterday, there are still many who still cannot afford their installments today.

In fact, 15.2% of the foreclosures initiated on dwellings in the third quarter correspond to

mortgages constituted in 2007

; 13% to 2006 mortgages and 9.3% to 2005 mortgages. The 2005-2008 period accounts for 45.9% of the foreclosures that started this quarter. Expanding the range, 5.6% of home loans now in foreclosure date from 2004 and 11.1% from 2003.

"It is not only about mortgages that were possibly more expensive, but about houses that were bought in a situation where access to credit was extremely simple,

risk analysis was conspicuous by its absence

and credit far exceeded 80% of the value total, which was already high. So in the end we are talking about the fact that in foreclosures we are still dragging part of that real estate bubble ", points out

Ferran Font

, director of Studies and spokesman for the real estate portal



The data, published by the National Institute of Statistics, also speak of how the residential market is gradually normalizing and point to a trend that could put an end to several years of annual setbacks in foreclosures on common homes in Spain.

The maximum was reached in 2007 and after a last five years of decreases, 2021 could be a turning point.

End of the social shield

This despite the

"social shield" deployed by the Government

during the pandemic and measures such as the mortgage moratorium that the Executive maintained during the worst moments of the confinements and until last March. Once all protections are terminated, home foreclosures are once again the majority of total foreclosures. Together they reached 4,035, 62% of all executions in the third quarter (6,507).

Of this percentage,

34.8% corresponded to habitual dwellings of natural persons


They total 2,266, 22.7% more than in the third quarter of 2020 and it would be necessary to go back to 2016 to find a year with a third quarter with figures higher than this.

In 2020 and still in a pandemic, the data remained at 1,846;

in 2019, there were a total of 990 between July and September and in 2018, 1,204 procedures.

Returning to the last balance sheet, 18.5% of the foreclosures on dwellings correspond to properties belonging to legal persons and 8.7% to other dwellings of natural persons;

that is, in the first case there are 1,201 executions (49.5% less in the annual rate) and in the second there are 568, 10.7% more.

Regarding the state of the homes, 11.8% of foreclosures fell on new homes -42.3% less than a year ago- and 88.2% on used ones -9% below-.

According to the criteria of The Trust Project

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