The sign of 2008: the mortgage crisis

The first year passed was 2008 in the sign of the mortgage crisis. It started in the United States and through the bale trade, the so-called subprime mortgages, spread throughout the world due to the development of globalization. She avoided the Czech Republic for a long time, but she could not avoid it completely.

Developei byli prvn na ad

Banks operating in the Czech Republic did not have large “toxic assets”, as with mortgages and other later uncollectible assets, but their mothers often did. After one of the largest and oldest investment banks, Lehman Brothers, the banks grew vitally among themselves – and grew to borrow. This has dried up resources for loans and clients. Pette here.

They were the first to be honored by the lack of developei pensions. Their business is very dependent on life, they use their own resources minimally. As the drought dried up, they resorted to dream prices. Of course, only in action, they can’t afford a dream. But the action, especially at the end of the year, increased. tte here.

Real estate prices began to fall

Real estate prices began to fall slowly at the end of 2008 with unstoppable certainty. And not only at the developer, but also on the secondary real estate market. But prices fell more slowly than demand. This became the fate of some real estate agencies, which were not able to turn their turnover (understand them, commission) to finance their operations. And so their clients.

However, falling prices are not the end of the result and so a favorable first even for buyers. The decline in demand is due to two basic factors – the expected decline in property prices and a narrow approach to mortgages. And so people who would go last year to get a mortgage on a much more expensive real estate can now not afford it cheaper.

Banks have reduced the risk types of mortgages

Only a mlokter bank can estimate the price of real estate at 100% and let the royal bank pay for it for years of rates. And this is not the case, when banks have risen with mortgages to 110%, 120% and 130% of the estimated price. Pette here.

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