International Mortgage Trends

In our modern, global and egalitarian society, home ownership is accepted as the main way families build wealth. It is also one of the main metrics by which to measure the “health” of an economy. Because so much economic activity (and inactivity, if you ask the Supreme Court) depends on personal attitudes and sentiments, it is useful to examine the opinions of home owners and aspiring homeowners. The Genworth International Mortgage Trends Report for 2011 shows some interesting behaviors in the countries they surveyed: Australia, Canada, UK, Ireland, USA, India, Mexico, Italy. The report revealed: Two in three American respondents believe it is a good time to buy a home The average age of first time homebuyers in the US has increased since the 1970s (27.3) to the 00s (31.6). In the United States, 40% of respondents use half or more of their income servicing debt. 28% of American respondents overpay their mortgage. Canadian respondents are generally more comfortable with mortgage debt The more impoverished countries (Mexico and India) had respondents that had lower debt to income ratios and less tolerance for borrowing more than eighty percent of a home’s value.   If you read the news lately it would … Read more