Mortgage Markets Worldwide / Real Estate Issues (PDF)

Mortgage markets are more than simply the means by which real
estate transactions are financed; they are a key indicator of the
level of development of a country's entire economy, in which banks
are able to manage the associated risk, and where governments use
them to promote their social and economic policies.

China, India, Singapore, Hong Kong, Japan, Ghana, South Africa,
Israel, and Poland are all covered in this book, as well as
comparative studies of the Czech Republic, Hungary, Slovakia,
Slovenia, Russia, and a long list of emerging economies. These
represent both different regions of the world and markets at
varying stages of economic and financial development. The editors
present an institutional, empirical and theoretical evaluation of
different housing finance systems, presenting a collection of
studies that describe various aspects of selected mortgage markets
around the world.

Questions relating to housing finance efficiency and contract
heterogeneity are examined and the securitization experiences in
these countries are analysed, offering valuable lessons on how
mortgage markets are integrated with capital markets and how
particular institutional frameworks interact with mortgage
markets.

Short reviews on each mortgage market are given covering
institutional aspects of the markets, such as the size and
structure of the market (including flows and accumulation of
funds); a description of the competition and a presentation of the
major competitors (including market share and major financial
measures); profitability in the market, with trends and structural
changes; the major mortgage instruments and their market share;
special tax issues; the role of the government in the market;
defaults, prepayments and mortgage insurance; and major regulatory
issues.

Through this thorough analysis, the major existing problems in
the mortgage market of each country are explored, highlighting the
current steps adopted to solve these problems, propositions for
dealing with the major issues in the future and the implied
developments in the market.

Researchers in real estate and housing economics throughout the
world - as well as city analysts - will gain through Mortgage
Markets Worldwide a better understanding of this rich and
complex market.