According to the Bank of Russia in January - February 2010 granted 21,200 mortgages totaling $ 24.6 billion. Compared to the same period of 2009 issued on 87% more credits in quantitative terms and by 59% - in cash. "These developments are evidence of recovery trend of the mortgage market in Russia, experts are convinced of the Agency for Housing Mortgage Lending (HMLA). According to the forecast HMLA for the first quarter of 2010 will be issued about 37.39 thousand loans totaling about 45 billion rubles (13.16% of the total projected in 2010) that corresponds to the dynamics of 2007. The volume of outstanding mortgage loans in February 2010 decreased by 0,3% (1 008.4 billion. Of 01.02.2010 up to 1 005.3 billion. On 01.03.2010) after a similar decline in the previous month (1 010.9 billion rubles).. Amount of arrears on mortgages on 03/01/2010 totaled 32.6 billion rubles., An increase over the month by 2.2% (an increase in the previous month was 2.7%). The weighted average interest rate on mortgage loans in rubles according to the CBR has declined over the month by 0.2 percentage points and on 01.03.2010 has made 13,7%, on loans in foreign currency average rate also fell by 0.1 percentage points to the level of 11,5% in the past year, mortgage lending fell to 4.3 times to 152.5 billion rubles. but by the end of the year the first signs of market recovery, according to a review of "Mortgage Lending in Russia in 2010: How to Thaw MARKET? ". This review was prepared by the rating agency "Expert RA". In a single IV quarter of 2009 mortgage loans in the amount of 60.8 billion rubles. - To 56 billion rubles. for the entire first half, and the outcome of the first two months of 2010 and a half times higher than rates in January-February 2009. Even taking into account the effect of seasonality and lending practices, which resulted in some restructured loans are reflected as a newly issued, similar dynamics are encouraging. "Despite the continuing trend to increase the share of overdue debt, its rate of growth in January-February 2010 decreased from 5-8% to 2-3%. On the outlined "thaw" indicates the mass return of most of the previously active participants, a significant expansion of product lines, distribution of rare for the market of products (loans with floating interest rate, and combined), the increased number of promotions ", - said Irina Veliyev, head of credit rating institutions," Expert RA. According to the study, the dynamics of the market in 2009 identified the Savings Bank, whose share rose from 37% to 63%, despite a threefold reduction in mortgage lending of the State Bank. The results of the other major market participants on this background looks disappointing: VTB24 cut lending by 80%, Transcreditbank - 59%, and Delta Credit BSGV - by 84% and 85% respectively. At 130 active participants in fact the market is divided between 10.08 banks. And if we summarize the proportion of state-owned banks, banks that are directly related with the authorities, and HMLA, which actually determines the lending partner banks, now the state is capable of controlling up to 80% of the mortgage market, which opens up possibilities for implementing the most ambitious projects across the country. According to analysts of the Agency, a full recovery in mortgage lending to 2008 levels may not be until mid 2012, so the market for a long time will have to re-conquer the already mastered the top. In 2010, due to the effect of "low base" amount of mortgage loans, according to Expert RA, will grow by 40-50% and will be around 220-230 billion rubles. Moderating influence on the market will have relatively low effective demand, high credit risks and the lack of a sufficient number of reliable borrowers, as well as downside risks to the value of collateral under uncertain dynamics of housing prices.
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