美国留学assignment关于房屋抵押贷款终止赎回权的分析 [5]
论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2014-11-05编辑:lynn406点击率:7316
论文字数:3009论文编号:org201411042251245454语种:英语 English地区:美国价格:免费论文
关键词:Foreclosure次贷危机房产泡沫mortgage
摘要:摘要:近年来,房产市场出现明显的泡沫现象,本文从房屋抵押贷款赎回权的大量撤销来分析房产市场出现的病态与危机。人们申请超过偿还能力的房屋贷款,造成一度繁荣,可是放贷人并未严格要求申请标准,从而出现次贷危机。本文系统的分析了这一现象。
span style='font-size:14px;'>Cost of Borrowing
As interest rates increase, it becomes more expensive to obtain a mortgage on a home. Given mortgages' generally long terms (usually 15 or 30 years), even small changes in interest rates can significantly impact monthly payments and the total cost of buying a new home. Higher interest rates are likely to cause a decrease in demand for housing due to these rising costs. Conversely, lower interest rates can make borrowing money cheaper and stimulate demand in the housing market.
Subprime mortgages
Increasing interest rates can also harm preexisting mortgages and result in higher foreclosure rates, increasing the supply of homes on the market just as it becomes more expensive to buy them. The reason for this is the adjustable-rate mortgage, or ARM. ARMs are different from fixed-rate mortgages in that the interest rate is variable, changing with current interest rates throughout the term of the mortgage. These ARMs became very popular in the early- to mid-2000s, when low introductory, or 'teaser', rates caused many people to take out ARMs and buy houses. After the introductory period, however, the rates on these ARMs were reset to reflect current interest rates, resulting in much higher monthly payments. As a large percentage of these ARMs were made to subprime borrowers, many of whom could not afford the higher monthly payments, increasing numbers of homes began being repossessed. As many ARMs are still in their introductory periods, future waves of rate resets could further increase foreclosure rates. Interest rate increases could further exacerbate the problem, causing even more consumers to default on their mortgages. This increased number of foreclosures could lead to rising inventories of homes for sale, which would, in turn, depress real estate prices and decrease demand for construction.
Foreclosures to have 'profound' impact, report warns
WASHINGTON — Mounting home foreclosures will have 'profound' effects on the economy next year, reducing job growth, bleeding billions of dollars in tax revenues and hitting consumer spending — but shouldn't push the country into a recession, according to a report Tuesday.
Financial analysis firm Global Insight, in an study for the National Conference of Mayors, predicted at least 1.4 million homes will enter foreclosure next year. That will worsen the already sharp housing downturn, with ripple effects on hiring and spending.
Overall, businesses will create 524,000 fewer jobs next year. Tax receipts will fall by $6.6 billion in ten select states, the report predicts. Nearly 130 cities around the country will face sluggish growth, as economic activity expansion is reduced by more than a third in 65 metro areas alone.
The housing downturn will shave a full percentage point off growth, with the economy expanding at a tepid 1.9% annual rate, the report says. Property values will drop by $1.2 trillion, as foreclosures mount and the housing market remains in the doldrums. Home prices will fall by an a本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。