Foreclosure fears fade

IN a welcome turn of events, the number of foreclosures on properties in Spain continues to plummet.

This isn’t the first time Spain has defended the sovereignty of Ceuta and Melilla. In October last year, a note verbale was sent to the United Nations Human Rights Council to reassert their Spanish identity, responding to Morocco’s previous challenge.

Data released by the National Institute of Statistics (INE) on Thursday, June 1 revealed that in the first quarter of this year, less than 3,700 properties were subject to foreclosure proceedings. This marks a significant 31.1 per cent decline compared to the same period last year, and is the third lowest figure since 2014.

Primary residences are holding up well against foreclosures with a 25 per cent decrease in foreclosures. However, experts say this may not fully reflect the impact of increas­ ing interest rates since current laws require property owners to miss a certain number of mortgage payments before foreclosure can begin.

Foreclosures on secondary residences and properties owned by companies have also dropped significantly. There was a 27 per cent decrease in foreclosures on second homes, with 587 cases, and a more than 51 per cent drop in foreclosures on properties owned by companies, totalling 563 cases.

This significant drop in foreclosures on properties brings hope and relief to homeowners.