Madrid - Xinhua
The number of mortgages granted in Spain fell for the 14th consecutive month in June, data from the National Institute of Statistics showed, suggesting a continued lack of confidence in the country\'s housing market. According to the Institute\'s monthly figures, the number of mortgages granted in June fell sharply by 42.4 percent year on year, dragging down the figure\'s average monthly drop in the first half of 2011 to 24.9 percent. The June decline was even steeper that in May, when the figure dipped by 32 percent compared with the same period last year. All across Spain saw decreased figures in June, but the rural area of La Rioja fared worse than any other area in the country, witnessing a fall of 80.8 percent in the number of mortgages granted in the region in comparison with June 2010. The Spanish government approve a sales tax cut last week from 8 percent down to 4 percent on newly constructed homes in order to stimulate Spain\'s badly-hit housing market and the construction sector. The temporary tax cut would last through till the end of the year.