Mortgages account for up to 60% of income: the impact on families – Corriere.it
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In two years the installment of the loan will undergo an increase between 17% and 77%. And its weight on the net income of families soared up to 60%. These are some of the results of the SalvaLaTuaCasa Observatory of Esdebitami Retake – a company specializing in consultancy services for solutions to the over-indebtedness crisis – created in collaboration with Nomisma and with the contribution of Save Your Home. The increase in interest rates by the ECB in the last 12 months, combined with persistent inflation, have a heavy impact on household incomes, in particular on their spending and savings capacity, on the decrease in purchasing power and also on the ability to regularly meet the payment of mortgage loans.
Those who took out a 20-year mortgage in 2013 and had an installment of 590 euros in May 2023 find themselves paying 758 euros (+28%) and in October the installment could be 797 (+35%) – explains Luigi Ursino, president of Esdebitami Retake –. The weight of the monthly installment has come to affect up to almost 60% of the monthly net income, reaching alert levels for the income brackets ranging from 1,200 to 1,900 euros net per month. We also report a contraction of up to 38% in the net residual income available to households.
According to data from the Observatory, 13% of families in the last year declare that they have had difficulty paying the mortgage installments regularly; of these, 4% report having accumulated delays and still behind with the installment. Analyzing the distribution of income, in fact, it can be seen that 80% of Italian taxpayers have less than 30,000 euros gross per year, and one taxpayer out of three does not exceed 10,000 euros per year. For these families, managing the budget is particularly complex, especially for those made up of a very small nucleus who have loans in progress with variable rate mortgages (over 40% of existing mortgages) and with a longer repayment term.
According to the survey, this situation could favor an increase in the number of judicial auctions in the next period which, after the peak in 2019 with 160,594 auctions, has suffered a setback (in 2022 there were 125,752 auctions). Property auctions have a direct impact on the market. Clearing prices reduce the value of the property by as much as 40% or more compared to market prices, creating an additional element of weakness and poor protection for the debtor. More and more families find themselves with the house foreclosed and with the real risk that it will be sold at auction, concludes Ursino.
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