Mortgage Market Trends in the US, UK, Ireland and Australia

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Insight Report: Mortgage Market Trends in the US, UK, Ireland and

Australia

Category : Banking & Finance

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Introduction to Report

Launch Date: May 5, 2014

Number of Pages: 46

Geography Coverage: Global

Available Format: PDF

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About the Report

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.



Research Findings

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’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.



Research Findings Continues…

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.

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. The US was at the forefront of the subprime crisis, and implemented a number of regulatory measures to ensure responsible lending practices. The implementation of strict regulations and the Federal Reserve’s economic stimulus package led to a positive trend in the US mortgage market.

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.



Research Findings Continues…

Ireland is still recovering from the European debt crisis, recording negative trends in its overall mortgage market. Ireland has the second-largest credit bubble after the US, with the value of outstanding mortgages higher than the country’s GDP.

The Basel II framework in the Australian banking system protected it from the worst of the financial crisis in 2008. The timely implementation of policies and consumer-protection guidelines proved to be of great benefit for the market, and the number of mortgages undertaken grew as both unemployment and interest rates fell.



Scope:

This report highlights the key trends arising in the mortgage markets after the strict enforcement of regulation following the subprime mortgage crisis in the US, UK, Ireland and Australia.

The report gives an insight into preferred mortgage products offered by the banks in these countries, and the fluctuations in interest rates and economic factors affecting consumers' choices of mortgage products.

The report also discusses the key drivers, issues and challenges faced by retail banks while offering mortgage products in these countries.



Report Coverage

1. Executive Summary

2. Mortgage Market Dynamics in the US, UK, Ireland and Australia

3. Analysis of the US Mortgage Market

4. Analysis of the UK Mortgage Market

5. Analysis of the Irish Mortgage Market

6. Analysis of the Australian Mortgage Market

7. Appendix

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Company Coverage

1. Wells Fargo2. Chase3. U.S. Bank4. Citibank5. Bank of America6. Lloyds7. Nationwide8. Barclays9. Royal Bank of Scotland10.Ulster Bank11.Allied Irish Bank12.Westpac13.Commonwealth Bank

For more details regarding Report coverage see the last slide




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Mortgage Market Trends in the US, UK, Ireland and Australia