Those who think the Spanish economy is poised to turn around need only take one look at mortgage loans to see reality.

Via translation from La Vanguardia please consider New Mortgages Drop 33% in February, 46 Consecutive Months of Declines

New mortgages for home purchases fell in February by 33% over the same month in 2013. This marks 46 months of declines according to data released today by the National Statistics Institute (INE).

The average amount of these loans reached 102,443 euros, 0.8% less than in January and only up 1.1% from a year earlier.

Mike “Mish” Shedlock