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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
