It seems that there has been a kind of clean slate for the real estate sector in the United States. It was precisely there that the first mortgage bubble that gave rise to the 2008 world economic crisis arose and broke out, and today, six years later, this market rebounds despite all expectations. The suspicion for those who follow the phenomenon closely is that it may be a new bubble.
The current situation of the real estate market of the American giant has nothing to do with that of the dark 2012. For example, at this time the number of evictions has decreased, as well as the owners of properties that had a debt greater than the value of their property. In this perspective, today’s photo is characterized by the largest increase since the 2006 boom, as housing construction is growing at an annual rate of 23%, the sale of them has increased by more than 15%, and its price has increased between 7% and 12%
Certainly this growth is attributed to a greater extent to the policies applied by the US government. In addition to the Federal Reserve injecting large amounts of dollars into the economy and maintaining low interest rates at all costs, the Administration is now being questioned as support for mortgage loans (FHA).
Almost eighty years ago, a financing modality called the Federal Housing Authority (hence the abbreviations) was born, which had the purpose of supporting small loans to owners whose economic situation did not allow them to have a home of their own; However, after the crisis, the government modified its regulation to finance those affected by subprime mortgages. In this way, the new loans backed by the State, which by the way are being managed through private financial entities, offer much more comfortable conditions than those of regular market credits. For many this could become the trigger of the possible bubble, taking into account that according to the Federal Office of Supervision of Real Estate Companies,
And if it was believed that the worst was over, what seems to come defies all expectations. There is no doubt that in terms of creativity the inventors of financial products take the lead. They, responsible for the latest global economic crisis thanks to subprime mortgages or junk bonds, as well as the controversial hedge founds free investment funds, have prepared their latest development: it is investment products from packages of houses foreclosed on lease, that is, obtain returns from the rent paid for the rental of houses bought very cheaply from banks.
On the subject there are many conflicting opinions. For some, this new product will be favorable to provide liquidity to the real estate sector -the truth is that an apparent healthy intention was also behind the subprime loans, and was allowing a greater number of people to access their own home-, for others It is a junk product that, like the subprime, can get out of control. Regarding the future, the only thing that is known is that nothing is known.
Although it may be seen as a normal period of recovery that should encourage global optimism, the current situation in the United States presents many similarities with the pre-crisis economic situation, specifically in terms of the new demand for housing, the increase in prices and the flexible mortgage financing policy. They say that whoever repeats their history is condemned to repeat it.