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Spain Property Delinquencies May Jump, Moody's Says (Update3)
Oct. 2 (Bloomberg) -- Spanish property loan delinquencies may increase as much as 15-fold by the end of 2008 as interest rates rise, Moody's Investors Service said in a report.
Loan-payment arrears by developers and builders may reach 5.5 percent of total property loans from the current 0.37 percent, according to the New York-based ratings company. The increase would mark a ``soft landing'' for Spain's 12-year property boom, Moody's said in a report called ``Spanish Banks and Real Estate.''
After rising 178 percent between 2000 and 2006, more than any other country in Europe, Spanish home prices are being threatened as the highest European Central Bank interest rates in six years curb consumer spending, Moody's said.
``In the Spanish context, I wouldn't call this a soft landing,'' said Charles Dumas, international director at Lombard Street Research Ltd., a consulting firm in London. ``When housing slows down, labor and income will slow down and spending growth will also slow down.''
See Also: Spain's Pain?
Friday: No Major Economic Releases
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[image: Mortgage Rates] Note: Mortgage rates are from MortgageNewsDaily.com
and are for top tier scenarios.
Friday:
• At 10:00 AM ET, *University of Michig...
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2 comments:
I vaguely recall (I seem to be using that phrase a lot - maybe I should switch to IVR and see if it catches on)... anyway IVR that ABBA was the all time wealthiest band ever, due to their long popularity in Europe, and smart investing.
I saw this quote on Amazon looking for more on that.
They were so insanely wealthy from their worldwide hitmaking that they were forced to take payments in commodities instead of cash, that is how omnipresent the likes of "Dancing Queen" and other dancefloor smashes like "Voulez-Vous" and "Gimme Gimme Gimme" became. - Tim Brough
Hahaha!
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