IMF Staff Country Reports

Spain: Financial Sector Assessment Program: Technical Note: Housing Prices, Household Debt, and Financial Stability

Publication Date:

June 14, 2006

Electronic Access:

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Summary:

This report reviews the macroeconomic determinants of the rapid growth in the Spanish housing market, including various policy elements. It examines the vulnerabilities of households' finances as a result of the rapid growth of housing prices and mortgage debt. It also describes the Spanish mortgage market and assesses the resilience of the financial sector to a possible adjustment in the housing and mortgage markets. It presents a market-based indicator to show the market views on the quality of the mortgage portfolio and also provides recommendations.

Series:

Country Report No. 2006/210

Subject:

Credit Financial institutions Housing Housing prices Loans Money Mortgages National accounts Prices