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Mortgages in Brazil financed through savings deposits down 21.9% in April

Real estate loans in Brazil financed through savings deposits totaled 3.13 billion Brazilian reais in April, down 21.9% from March this year and 10.8% year over year, according to data from mortgage lenders association Abecip.

During the first four months of the year, financing of such real estate loans totaled 13.20 billion reais, 8.5% lower compared to the same period in 2016.

Abecip said saving deposit mortgage loans totaled 45.38 billion reais in the 12-month period between through April, a decrease of 20% from the previous 12-month period.

During the month, 11,702 properties were financed under the scheme, 24.4% fewer than in March and 18.8% fewer than in April 2016, to bring the year-to-date total to 52,597 properties, down 15.4% year over year.

According to Abecip, 190,092 properties were financed in the 12 months to April, down 23.9% compared to the previous 12 months.

As of May 25, US$1 was equivalent to 3.28 Brazilian reais.