## Figure 2.1. Developments in Housing, Credit, and Securitization

## Source details

**Canonical URL:** [Figure 2.1. Developments in Housing, Credit, and Securitization](https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch2/pdf/figure2-1.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/oct/ch2/pdf/figure2-1.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/oct/ch2/pdf/figure2-1.pdf.json)

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### 1. House Price and Mortgage Growth in the United States
- Series shown:
  - House price index deflated by CPI (left scale)
  - Outstanding mortgage debt growth (percent, year on year, right scale)
- Time span and frequency labels preserved exactly:
  - 1995:Q1 96:Q1 97:Q1 98:Q1 99:Q1 2000:Q1 01:Q1 02:Q1 03:Q1 04:Q1 05:Q1 06:Q1 07:Q1 08:Q1 09:Q1 10:Q1 11:Q1 12:Q1 13:Q1 14:Q1 15:Q1 16:Q1
  - 20000204060810121416
- Vertical scales and ticks appearing in the figure:
  - Left scale sample ticks: 0 1,000 2,000 3,000 4,000 (Millions of U.S. dollars)
  - Right scale sample ticks: –5 0 5 10 15
- Captured observations from chart annotations:
  - "Before the crisis, as house prices reached historical highs, mortgages and household debt surged ..."
  - "… as did securitization."
- Visual cue:
  - The shaded area in panel 1 denotes the global financial crisis.

### 2. Private Label Securitization Issuance
- Series labels included in the figure:
  - U.S. ABCP
  - U.S. MBS
  - EU ABCP
  - EU MBS
- Numeric scale markers shown on the panel:
  - –50 0 50 100 150

### 3. Legends, Notes, and Definitions
- Sources listed in the figure:
  - Association for Financial Markets in Europe; CRE Finance Council; Fitch Ratings; Haver Analytics; IMF, Research Department house price data set; JPMorgan Chase & Co.; Merrill Lynch; and IMF staff calculations.
- Definitions and acronyms exactly as presented:
  - CPI = consumer price index; EU ABCP = European Union asset-backed commercial paper; EU MBS = European Union mortgage-backed securities; U.S. ABCP = United States asset-backed commercial paper; U.S. MBS = United States mortgage-backed securities.

*Figure contents and annotations reproduced exactly as in the source PDF.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch2/pdf/figure2-1.pdf_