Monday, 18 February 2013

Finland's Neighbour Debt Bubble...

“Swedish households today are among the most indebted in Europe and we cannot have household lending that spirals out of control,” Martin Andersson, the director general of the Financial Supervisory Authority, said in an interview in Stockholm. 
The FSA is ready to enforce a cap limiting home loans relative to property values to less than the 85 percent allowed today, Andersson said 
“What we saw in the 1990s crisis was that if you bought a home with a 90 percent debt ratio in 1991, it took about six or seven yearsuntil you were back at a level where you had a property that was worth more than your mortgage,” Andersson said in the Feb. 13 interview. “That is a very long time.” 
“One should be prepared for a downturn,” Andersson at the FSA said. “House prices cannot just continue upwards in eternity.” source 
Some charts ...


Anonymous said...

In the source article, it is stated that Sweden is having interest only loans. It is well down that these tend to increase the LTV rates, making these mortgages harder to securitize. Do you know if such loans also exist in Finland? Because I believe they don't?

Also, I wanted to let share that I heard house prices in Estonia are rising. Do you have any information about this?

HousingFinland said...

in 2008 estonian housing price overall slump by 40% and recovered ground after :

coming to sweden, their central ba(n)kers has pledge to maintain interest rates low or even reduce them at least until 2016 - highlighting that monetary policies are adequate for dealing with asset bubble. So to me there is a recognition of a bubble in sweden and the approach is the "greenspan" one (ex cantral banker from the US) is to let grow until it burst and handle the effect afterwards... (although when interest are as low as that i wonder how they will deal with it...)

Sweden is testing a new approach which could either propel it toward a better or worse economical state...

Finland has not control on the monetary policy, it can only play with fiscal tools and cross its fingers that europe will recover and that it can leverage itself or profit from a more powerfull Russia.

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