Recently published research from Timetric, "Insight Report: Mortgage Market Trends in the US, UK, Ireland and Australia", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 05/20/2014 -- The subprime mortgage crisis of 2008 severely impacted numerous world economies. Reckless lending practices by banks and rising house prices led to an increasing number of foreclosures in mortgage markets around the world. While economies such as the US and UK have shown signs of improvement in the overall mortgage market, Ireland has recorded a negative trend in the mortgage market as its economy continues to struggle. Australia, on the other hand, remained resilient and was less impacted by the crisis, supported by strong banking and consumer protection regulations in the country.
The US mortgage market has shown signs of recovery following the financial crisis, supported by strong regulatory measures and an economic stimulus package by the Federal Reserve. GDP growth, increased consumer spending and falling unemployment have also contributed to the mortgage market's recovery. In terms of outstanding mortgages value, the overall US mortgage market reached US$13.2 trillion in 2013, with annual growth recovering from -4.4% in 2009 to just -0.08% in 2013. Delinquencies and foreclosures in the mortgage market have improved since 2009: delinquencies improved from 4.6% in 2009 to 2.4% in 2013, while the number of foreclosures fell from 3.5 million to 1.7 million. The improved housing market and enforcement of stringent regulatory measures are expected to result in positive growth in the overall mortgage market over 2014-2018.
The UK mortgage market is showing signs of improvement, but downside risks emanating from the European sovereign debt crisis remain a key concern. The UK's economy is showing signs of improvement, although growth remains sluggish. Nevertheless, positive economic growth and the implementation of strict regulations are helping to curb the effects of the global financial crisis. The value of outstanding mortgages in 2013 was at around US$1.98 trillion. There has been substantial growth in the number of mortgages lent over the years, following the European debt crisis. The introduction of new mortgages is made available for the Muslim population of the country. First time buyer and buy-to-let are the most preferred mortgages among borrowers in the UK market. Improvements in the job market among the young population increased demand for first-time-buyer mortgages.
View Full Report Details and Table of Contents
- Mortgage markets have displayed differing trends since the financial crisis. While the US, UK and Ireland were badly affected by the subprime crisis, Australia maintained stability, supported by strong banking regulations.
Companies Mentioned in this Report: Wells Fargo, Chase, U.S. Bank, Citibank, Bank of America, Lloyds, Nationwide, Barclays, Royal Bank of Scotland, Ulster Bank, Allied Irish Bank, Westpac, Commonwealth Bank
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Financial Services research reports at Fast Market Research
You may also be interested in these related reports:
- Insight Report: Mobile Entrepreneurs
- 2020 Foresight Report: Business Strategy for Targeting HNWIs - Emerging Opportunities, Trends and Profitable Operating Models in Asia-Pacific
- Insight Report: Angel Investors
- Insight Report: Philanthropy
- Trends in Therapeutic Partnering
- Global Business Travelers' Airport Retail Trends, 2013-2014
- European Business Travelers' Airport Retail Trends, 2013-2014
- Global Food and Beverage Survey 2013-2014 - Market Trends, Marketing Spend and Sales Strategies in the Global Food and Beverage Industry
- Global Food Industry Survey 2013-2014 - Market Trends, Marketing Spend and Sales Strategies in the Global Food Industry
- Global Beverage Survey 2013-2014 - Market Trends, Marketing Spend and Sales Strategies in the Global Beverage Industry