TEXT-Fitch: stark differences among key global housing markets
Link to Fitch Ratings' Report: Fitch Voice: Structured FinanceJan 31 - Fitch Ratings says that the world's major residential mortgage markets face starkly different outlooks for the coming year, driven predominantly by contrasting macroeconomic fortunes. While markets in countries such as Australia, Germany and the US promise a degree of house price stability and mortgage affordability, the peripheral eurozone is at the opposite end of the scale, with real risk of further deterioration. In an article in Fitch Voice: Structured Finance, released today, Gregg Kohansky, Head of EMEA RMBS, summarises the findings of a report, Fitch Residential Mortgage Briefing, which compares the major mortgage markets across the globe. The report takes into account the underlying macroeconomic trends and uses this analysis to support its assumptions for individual factors affecting the key drivers of mortgage and, ultimately, RMBS performance. "Although we expect growth in the major core economies to remain sluggish this year, we are positive about the increasing stability of their housing markets but, in peripheral Europe, significant downside risks remain," says Kohansky. "This dichotomy is also visible in mortgage performance and is reflected in our rating outlooks between core EU and EU periphery markets." Fitch Voice: Structured Finance provides a quarterly series of topical articles on developments in the global structured finance sector. It has replaced the previous quarterly US and EMEA Snapshot reports. Most of the reference material previously provided in Snapshot is available separately at www.fitchratings.com. Additional information is available at www.fitchratings.com. Applicable Criteria and Related Research: Fitch Residential Mortgage Briefing
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