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Housing Finance in the Euro Area

Listed author(s):
  • Francesco Drudi
  • Petra Köhler-Ulbrich
  • Marco Protopapa
  • Jiri Slacalek
  • Christoffer Kok Sørensen
  • Guido Wolswijk
  • Ramón Gómez Salvador
  • Ruth Magono
  • Nico Valckx
  • Elmar Stöss
  • Gerbert Hebbink
  • Karin Wagner
  • Zoltan Walko
  • Marie Denise Zachary
  • Silvia Magri
  • Laura Bartiloro
  • Paolo Mistrulli
  • Yannis Asimakopoulos
  • Vasilis Georgakopoulos
  • Maria Kasselaki
  • Jorge Martínez Pagés
  • Romain Weber
  • Christiana Argyridou
  • Wendy Zammit
  • Nuno Ribeiro
  • Daniel Gabrielli
  • Nicola Doyle
  • Harri Hasko

This report analyses the main developments in housing finance in the euro area in the decade, covering the period from 1999 to 2007. It looks at mortgage indebtedness, various characteristics of loans for house purchase, the funding of such loans and the spreads between the interest rates on loans granted by banks and the interest rates banks had to pay on their funding, or the return they made on alternative investments. In addition, the report contains a comparison of key aspects of housing finance in the euro area with those in the United Kingdom and the United States. At the end, the report briefly discusses aspects of the transmission of monetary policy to the economy. JEL Classification: D14, E44, E5, G21, R21.

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Paper provided by European Central Bank in its series Occasional Paper Series with number 101.

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Length: 97 pages
Date of creation: Mar 2009
Handle: RePEc:ecb:ecbops:20090101
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