RPT-Fitch: Greek Mortgage Market Index Shows RMBS Arrears Reaching New Peak
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Oct 18 (Reuters) - (The following statement was released by the rating agency)
In its Q313 Greek mortgage market index report, Fitch Ratings notes that the level of three-month plus arrears excluding defaults has reached a new high of 5.2%, despite showing some signs of stabilisation earlier in the year.
Although the level of arrears across RMBS transactions has increased, they continue to outperform those reported for the whole Greek mortgage market. The latest Bank of Greece data shows the percentage of non-performing housing loans at 24% as of June 2013 compared with only 9.2% in the Fitch equivalent index.
House prices across Greece have continued to decline in the latest period with the peak to current now at 32.7%. Fitch believes the generous rental yield on offer indicated by the low price to rent ratio in combination with the new laws allowing real estate investment trusts to own residential property, may help slow the current levels of decline. However, the rental market is also now beginning to show signs of struggling with rent prices down in 2013.
The report is available at www.fitchratings.com or by clicking the link below.
Link to Fitch Ratings' Report: Mortgage Market Index- Greece
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