The percentage evicted US mortgage holders were back down to förkrisnivåer first last year. And it was not until May of this year before the proportion of payment problems dropped back to 2006 levels, according to the British analysis house Capital Economics compilation.
US home prices bottomed already in 2012, but the elimination of mortgage borrowers in trouble continued. During the period 2007-2014 were taken across the 17 million homes to foreclosure by US banks, the so-called “foreclosures” after mortgage holders went into personal bankruptcy. It shows the central bank Fed’s statistics.
The Americans’ long road back is an example of the dangers, not least, the National Bank warns if the Swedish housing market would derail.
“If housing prices fall takes a long time for households to restore their balance sheets. A bubble in the stock market hitting some households but not as many. Companies can also go bankrupt and move on, while households remain with their loans. It often leads to very lengthy recessions, “said Swedbank chief economist Anna Breman.
” What we know is a housing crisis or bubble may be very long-lasting consequences. It also affects individual households very hard and it may take decades before they come back, “said Annika Winsth, chief economist at Nordea.
In Sweden Prices and liabilities in the housing market climbed up virtually uninterrupted for two decades. It speaks of a prolonged crisis in Sweden, of Swedish prices a day driving into the wall.
“It would mean that you see more unemployment, fewer jobs. A recession that lasts for a longer period, “says Anna Breman.
Riksbank in for years warned Swedes debt but plays down his own role, believes Annika Winsth.
“in the long term can not debts increase faster than revenue year after year. We need to get to a slowdown. It is good that the Riksbank warned, but the Riksbank has also a great responsibility. The interest rate is an important part that one can get into debt as much as we do in Sweden today, “she says.
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June 1 introduced the new principal requirement for mortgages, but among others, the Riksbank considers that more needs to to slow mortgage lending. Anna Breman would, however, await the new claim effects before any further brake pads are picked up.
“I think it will evaluate and see what it means for the housing market in the long term, and wait for new measures “says Anna Breman.
Annika Winsth believes of a slowdown in prices and debts, because of a combination of both amortization requirement that the Riksbank interest rate has bottomed and that Sweden outside world worries home buyers . But she is not happy.
“It’s good. But I worry about the same time that political leaders thus not forced to structural measures really needed on a housing market that works very poorly . “
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