Global Financial Crisis and Mortgage Finance and Valuation Problems: An Assesment of the US and Turkish Mortgage Systems
AbstractAbstract After emerging from the U.S. real estate and financial markets, financial crisis has gradually become global. Due to both primary and secondary mortgage market problems in the U.S. are accepted as the essential reasons of the current crisis, it is believed that financial markets and real estate sector need a new design. In this paper, the author condiders the importance of real estate valuation in the origination of crisis and whether Turkish mortgage market has similar problems with the U.S. It is argued in the paper that real estate valuation is one of the most critical reasons of crisis. To implement effectively of the real estate valuation, market culture and knowledge are of great importance expected to developed by market players, NGOs, SROs, regulators, academicians etc. The author suggests that brand new establishment of The Association of Appraisal Experts of Turkey is important for the development of sound real estate valuation. But the next and bigger step should be a new property valuation legislation which should cover all relevant (and possible) real estate valuation rules and practices of the Turkish law/commercial life.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 35301.
Date of creation: 15 Sep 2010
Date of revision:
Real estate; valuation; mortgage; global financial crisis;
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
- G01 - Financial Economics - - General - - - Financial Crises
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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