Friday, 13 November 2009

Mortgage Situation Snapshot

"The number of loan payments being delayed is slowly on the rise. Indeed, it is evident that households are having increasing payment problems," says Nordea Bank Unit Director Jussi Mekkonen.

According to Nordea, payment problems are being seen with larger home loans.

"Calculated in euros, newly contracted home loans have fallen by 25 percent, but in terms of the number of individual loans, by 15 percent. So, fewer large loans are being contracted," points out Mekkonen.
Who said that there was no problem in the mortgage market in Finland?


Andrew said...

if new loans is down by 25% that is a relatively massive change. On the other hand if lending is still increasing then it is not quite so dramatic.

However with september monthly exports down 36% and imports down 30% compared to last year and media reports of massive service sector unemployment coming soon it is not looking so good.

On the plus side China is relatively booming with bank lending there almost double for 2009 what it was for 2008 and indicators like Baltic dry still recovering.

On the minus side although some kind of recovery is possible in the future in the USA it looks like one damn thing after another over there for more or less years to come and Europe is probably worse or as bad.

Anonymous said...

"and media reports of massive service sector unemployment coming soon it is not looking so good."

Any more info on service sector redundancies? I do not have a TV and have found no articles so far on the internet (apart from a couple of chatroom comments).



Andrew said...

All i can confirm is that this report was on my wifes laptop while she was watching Finnish TV.

I cant find any references to this elsewhere