United States housing bubble

Amendments introducing the changes announced by the government regarding banks, the coverage of the cost of medicines for low-income pensioners, and a hazardous-profession benefit for armed and security forces personnel were tabled in Parliament on Wednesday, the National Economy and Finance Ministry announced.

The purchase of old apartments with the aim of renovating them and then renting them out or even reselling them at a profit is gaining ground in the Greek capital's property.

Bulgaria has taken on new foreign debt amounting to 3 billion euros and 1.5 billion US dollars, announced the Ministry of Finance. As reported by BNR, the triple tranche of Bulgarian bonds generated significant interest among investors, allowing the country to secure highly favorable terms.

Developers are waiting to see and analyze the direction loan rates will take in 2025 before launching new projects in the housing market, which has experienced a plunge in sales for months.

Currently, both consumer and construction companies are in the wait-and-see mode in an environment of high inflation and high interest rates.

“We are putting a shield of protection around borrowers against abusive practices,” says Skrekas – See in detail the fines imposed on the three major servicers

The Bank of Greece is establishing a ceiling on the issue of new mortgages to prevent excessive lending.

Governor Yannis Stournaras has decided to set a maximum loan limit in relation to the value of the property and a maximum limit for servicing the debts from housing loans in relation to the total income of the borrower.

Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans.

According to data from the union of loan and credit management companies (servicers), out of the total of 86 billion euros, the arrangements that have been made to date concern €25.5 billion and of these the arrangements that are being adhered to do not exceed €19 billion.

As the year comes to a close, it seems likely that the freeze on foreclosures on primary homes in Cyprus valued at up to 350,000 euros will be extended.

A significant mobilization by the Cypriot government and the Central Bank of Cyprus this week regarding the framework of foreclosures bore fruit. It primarily aimed to withdraw the "problematic" proposal that, according to the state and banks, would have negative consequences for the Cypriot economy.