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Emerging Trends in Housing Finance: Role of Private Sector and Impact of Economic Crisis, Slides of Management Fundamentals

The role of private sector finance in northern european housing markets, specifically in the development of mortgages backed securities and the use of private funding for social sector housing. It also explores the challenges faced by marginal purchasers and new entrants in the housing market and the impact of economic downturn on housing systems. Economic and housing market indicators by country and measures taken to address the housing crisis.

Typology: Slides

2012/2013

Uploaded on 07/26/2013

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Emerging๎˜ƒtrends๎˜ƒ(3):๎˜ƒRole๎˜ƒof๎˜ƒprivate๎˜ƒ
sector๎˜ƒfinance๎˜ƒ(Whitehead)๎˜ƒ๎˜ƒ
โ€ขParticularly๎˜ƒin๎˜ƒnorthern๎˜ƒEurope๎˜ƒwhere๎˜ƒ
housing๎˜ƒfinance๎˜ƒinstruments๎˜ƒhighly๎˜ƒ
developed๎˜ƒ
โ€ขDevelopment๎˜ƒof๎˜ƒmortgages๎˜ƒbacked๎˜ƒ
securities/๎˜ƒbond๎˜ƒissues๎˜ƒ(Denmark๎˜ƒin๎˜ƒ
forefront)๎˜ƒ
โ€ขUse๎˜ƒof๎˜ƒprivate๎˜ƒfunding๎˜ƒto๎˜ƒsupport๎˜ƒsocial๎˜ƒ
sector๎˜ƒhousing๎˜ƒ
โ€ขUse๎˜ƒof๎˜ƒhousing๎˜ƒto๎˜ƒsupport๎˜ƒother๎˜ƒborrowing,๎˜ƒ
growth๎˜ƒof๎˜ƒreโ€mortgaging,๎˜ƒinterest๎˜ƒonly๎˜ƒloans๎˜ƒ
etc.๎˜ƒ๎˜ƒ
๎˜ƒ
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Emerging

trends

Role

of

private

sector

finance

(Whitehead)

Particularly

in

northern

Europe

where

housing

finance

instruments

highly

developed

Development

of

mortgages

backed

securities/

bond

issues

(Denmark

in

forefront)

Use

of

private

funding

to

support

social

sector

housing

Use

of

housing

to

support

other

borrowing,

growth

of

re

mortgaging,

interest

only

loans

etc.

Conclusions:

perspectives

(Whitehead)

Average households already in owner

occupation are benefiting from greater choice, flexibility and stability

Marginal purchasers and new entrants face major access and affordability problems - Impact of inheritance and issues of intergenerational equity - Concerns about systemic risks in the housing system โ€

US

current experiences โ€ Impact of broader economic downturn

Longer term issues relating to the use of housing assets - Inflexibility of owner

occupation as dominant housing tenure for labour market, urban regenerating as well as the housing market itself

Measures

taken

Protection

of

home

owners:

avoiding

payment

problems

and

eviction

Stimulating

demand

for

a

new

existing

owner

occupied

homes

by

households

Stimulating

social/public

housing

associations

to

take

on

unsold

completed

new

dwellings

initially

targeted

for

owner

occupation

Stimulating

production

of

social/public

rental

dwellings

as

an

anti

cyclical

measure

for

the

construction

sector

Crisis

measures

what

to

do

and

what

not

to

do?

Number of countries have taken only limited action

Extra protection for home owners to avoid repossessions - Attempts to get rid of the overhang/unsold dwellings - Stimulating demand for newly constructed dwellings - Building of new social housing - Buying unsold new dwellings by social landlords - Unlimited speculative building and a laissez faire attitude on planning - Differences in the structure of the housing market are quite important to explain the crisis and measures

Conclusions

Countries

that

are

severely

affected

by

the

crisis

are

also

confronted

with

the

largest

problems

on

the

housing

market

Difficult

to

establish

the

effects

of

the

economic

crisis

and

the

effect

of

the

structure

of

the

housing

market

and

stabilizing

factors

Possible

relation

to

the

general

economic

structure

and

the

housing

market

structure:

a

nation

that

is

highly

sensitive

to

the

general

economic

climate

also

has

a

housing

market

structure

that

is

sensitive

to

the

economic

climate