Despite the many problems inherent in the domestic mortgage market, last year it could not be called inert. The crisis in the mortgage market, the U.S., has come to Russia, as well as high real estate prices did not prevent the banks give borrowers is 1.5 times more mortgages than in 2006 in the first half of 2007, the mortgage market in St. Petersburg has developed quite actively. Relative price stability and steady demand for housing has led to many banks have stepped up work on mortgage schemes, slashed interest rates on loans, eased the requirements for borrowers, expanded product lines. By the end of last summer, the city banks have issued about 11 thousand mortgages - as many have been issued for the entire fall of 2006, many banks offer mortgage programs that have had to tighten the requirements to customers and to increase rates. Since the Russian crisis affected the field of the mortgage market in the U.S.. Thus, 2007 was for the banks under the sign of the struggle with reduced flow of requests for potential borrowers and simultaneously to improve the quality of this stream. Optimistic statistics last year at St. Petersburg's mortgage market, the experts noted some positive trends. Today in St. Petersburg, the proportion of transactions involving mortgage funds is about 10% of the total number of transactions of sale of real estate. Compared with 2004 this had risen almost five-fold. The average size of housing loan at the beginning of the year is 2.5 million rubles. When housing costs from 3.5 to 4 million rubles. The initial contribution in the range of 1.5 million rubles. Approximately 70-75% of the mortgages in the city are taken to purchase real estate, the remaining 25-30% - consumer mortgage loans secured by real estate. If we talk about loans to purchase real estate, then a significant portion (80-85%) are loans for apartments. At the same time the greatest demand model of one-and two-bedroom apartments. Luxury apartments are no more than 5-10% of the total housing to be transferred to banks as collateral. The number of players increases in 2007, the market has increased significantly the number of players. Today in St.Petersburg around 300 different mortgage programs to more than 80 banks. Growth in the number of banks involved in mortgage lending, increased competition, resulting in a strengthening of banks' marketing campaigns and led to the emergence of special programs and promotions. The number of mortgage programs on the "unloved" bank products. For example, a suburban real estate. The share of these loans has already reached 15-20% of the total. In the first half of last year in pursuit of the borrower, some banks decided to offer the market the most courageous action - for example, a loan without income. A year ago, it's a catchy proposal work in practice only under the condition of the oral evidence of income by the employer, the borrower's cost analysis, etc. For many recipients of the "gray" wages access to mortgage credit is not opened, so the most aggressive financial institutions (Moscommertsbank) decided on the following a step. They offered loans without income at a higher than standard, down payment - 30-50% of the cost of purchased housing. Some banks have updated their product offerings, allowing to postpone the initial payment (along with interest payments on the loan). Credit for the improvement of housing conditions provided by the bank VTB 24 in the presence of a flat owned by the borrower for the purchase on the secondary market of a new apartment and the subsequent sale of available property in the housing, if the total income of the borrower and his family members not to service the loan without selling the existing dwelling. This service allows customers to purchase a new home in the property, and only then seek a buyer for their old apartment. Another innovation - product "to appoint a bet." The proposal allows the borrower to the bank "DeltaCredit" reduce the rate by 0.5-1 percentage points when making a one-time commission. For example, if the rate is 9% per annum in foreign currency, and the client wants to get a loan at 8% per annum, he must pay 3% commission of the purchase price. In the end, "believes" the borrower can save. There is a tendency to increase the loan term of 20-25 years, some banks to 30 years, with the borrower's age at the time the loan is not limited to retirement, and 70-75 years. The main marketing share in the mortgage market in 2007 was "a loan with no down payment." Such programs have appeared in the first half, which was due to a decline in consumer activity in the property market in general and as a consequence, the mortgage market. However, many programs with no down payment are gone from the market after only a few months as inadequate risk. Last year, some banks have begun to actively lend to people not only in its traditional currencies, but also the exotic - the Swiss franc, yen, yuan, offering such loans on lower interest rates. Mortgage has risen in the first half of 2007, banks have demonstrated not only liberal in relation to the borrowers, but also reduced the cost of credit. Interest rates dropped to 9-11% in foreign currency and up to 11-15% in rubles. In the second half of the mortgage more expensive. This happened due to the crisis in western markets and increase the value of interbank loans. Over the last two months before the New Year in St. Petersburg bank rates on mortgage loans in foreign currency to buy second homes increased on average by 1-2%. However, promotional offers, banks have not changed: just get a loan at the rate declared by, for example at 9% per annum, the average borrower difficult. Analysts are advised to be more attentive to special promotions builders and banks. Collapse would not be the U.S. mortgage market today is in deepening crisis. Property prices have fallen, and the system of mortgage lending "tied" to the stock markets. This mortgage, which involves the release of the banks or authorized agencies of mortgage securities for borrowing. Banks have a certain category of borrowers, which can be run "blind": it is the borrowers with low creditworthiness, which can not prove their income. It is clear that the risks of the bank with any of those borrowers are sufficiently large. It was assumed that the issue of securities can neutralize these risks through securities prices. Yield of these securities to investors above. The problem worsened when the prices went down. Mortgage lending in the U.S. several times greater than Russia's. Last year the Russian mortgage market was about $ 10 billion in U.S. - $ 3 trillion. Accordingly, the volume of risky borrowers in the United States are comparable with the volume of mortgage borrowers across Russia. When property prices began to fall in the U.S., people stopped paying on the loan. One failure resulted in another, and the economy was "zavalivatsya." According to some experts, the U.S. crisis will not lead to profound changes in the Russian mortgage market. First of all, he only began to develop, lending vary considerably. Second, policies and practices of the mortgage market in Russia dictates the state. Many domestic banks, which account for a significant number of borrowers who are affiliated with public corporations. For example, Sberbank, VTB Group. Of the $ 10 billion in mortgage loans in 2006, 50% were issued by banks, one way or another affiliated with the government. Effects of the crisis experienced in the main banks operating in the western capital, providing foreign currency loans risky groups, ie those who can not officially confirm their income. Effects of the crisis also affected the position of borrowers. By the end of last year in St. Petersburg, the number of bank "refuseniks" doubled. Credit committees are refusing to borrowers in obtaining loans, increased the period of review. A number of banks in general ceased to issue mortgage loans. Experts list the defendants: "Russian Standard" and "Uniastrum" has officially turned down the mortgage program, and "Moskommerts" and completely stopped lending. There is some nervousness, and the banks, claiming attractive lending terms currently overloaded with work for consideration of applications for mortgage loans. The primary organization takes the lead share of sales transactions in the primary market with borrowed funds in the past year increased significantly. If in 2006 the absolute leader in the number of transactions involving mortgage money was a secondary market, in the past the figure of the primary and secondary housing on was almost the same. And in the last quarter of 2007, new developments have overtaken the secondary market by the number of transactions involving mortgage funds. This is due to the fact that developers are actively working with banks to develop joint credit programs. Banks offer a variety of mortgage programs, different-sized down payment, loan term, the requirements for proof of income and categories of borrowers. At the moment there are about 30 mortgage programs for primary market, combining different options, depending on customer desires, and their number is constantly growing. Deal with the mortgage on the primary market is faster and easier than in the secondary. Difficulties arise most often in the process of accreditation by banks and property developers sites. Each bank's approach and requirements for developers. Sometimes you need to collect a very large package of documents for the bank, which takes time. Accreditation process itself can take several months. Also on the market today, there are several types of agreements to which the purchased apartment buildings under construction, which is also sometimes limits the opportunities for mortgage lending. Cheaper is not At the current pace of growth of mortgage lending share purchase and sale of housing, committed with the use of borrowed funds in the next year will increase to 30%. At the same time a significant reduction in mortgage interest rates are expected. In 2008, the mortgage market will face a limited demand for housing due to high prices and the tightening of banks' claims on the quality of borrowers. There is a large gap between the incomes of the population and the total value of real estate. Available credit does not lead to affordable housing, but only increases its cost. Therefore, the mortgage should not be regarded as a panacea for all the housing problems. This loan product is designed for clients with stable earnings and income level is above average. Inhibit the mortgage and the slow growth of housing construction in St. Petersburg. Still suffers from imperfect legislative base (unfinished transfer mechanisms in the pledge of land, cottages and dwellings by definition - the impossibility of the spread of mortgage by operation of law on the garden and summer house). Experts predict that this year will become more popular refinance previous loans and housing loans in the primary market. Analysts promise to further appreciation of the value of modest residential property. But the mortgage due to high demand for housing will be in demand even stricter requirements for borrowers. Experts agree that the U.S. mortgage crisis is only temporary, and its consequences will come to naught in the second half of 2008, Opinion Khobotova Tatiana, Head of Mortgage Lending Mortgage Center St. Petersburg branch of the Bank VTB 24 volumes of loans granted to maintain the positive momentum . House prices in December 2007, again showed remarkable growth, and therefore will increase and the average amount of credit. Increase in the number of loans over the past year ensured the restructuring of the mortgage market: a marked increase in the number of borrowers in the market buildings. There's average loan size is smaller than for finished housing. This year, more stringent requirements for borrowers, while maintaining stability in the real estate and mortgages, will not happen. But wait, that banks will become more liberal, not worth it. Although the competition of many podvignet to mitigate the conditions of the mortgage. Loans with zero down payment will remain: the experience of our bank indicates that such proposals justify themselves. Rates for some time to maintain the current level, but at a favorable macroeconomic environment will continue to decline. In a short time may raise the rate those creditors who have not done this before. In St. Petersburg in 2008 can expect an increase in the number of loans at 60-70%. On the scale of growth in Russia will be even more impressive, the mortgage in the region is developing rapidly. Igor Zhigunov opinion, the deputy chairman of City Mortgage Bank Last year was a period of qualitative growth in mortgage lending, and a "reassessment" of values and approaches to the implementation of market participants of their business strategies. During the first quarter of 2007 in St. Petersburg, the growth trend of the market volume exceeded the same period of 2006 nearly tripled. But given the situation on world financial markets since August of last year have come other changes. Complication, and sometimes inability to attract long-term financial resources forced to adjust their programs to selected participants of the market. Virtually disappeared from the program zero contribution, the remaining units of such programs as the review proceeds in a declarative form - some players rose period of review. During the last quarter of 2007, rates increased by 1.5-2% in rubles. In forecasting the cost of housing and mortgage market development in North-West in 2008, it all depends on market conditions, supply of quality housing, income growth, conditions of funding by banks. Housing prices are low quality in St. Petersburg have not changed. But the housing comfort-class modern buildings has risen in price for the year 2007 an average of 10-15%, luxury housing - by 25-50% depending on location and "stuffing", and sometimes twice. It can be assumed that this year with the positive dynamics of the market and stabilize the situation on world financial markets, the amount of the mortgage market in the Northwest to grow by 70-80% and sometimes more. Already on the market in the first half of 2008 may be new members. There will be an additional impetus to the development of programs out of the city and, quite possibly, lending rooms in the programs of resettlement. Opinion Vyacheslav Mikhailov, director of mortgage lending in St. Petersburg branch of "Alfa-bank" mortgage market in 2008 will continue to grow. It can be assumed that the volume of mortgages will increase by 60-80% compared with 2007. Severe tightening in relation to the borrower should not expect, as well as drastic changes of credit programs. Continue downward trend in lending to illiquid and poor housing (rooms, Khrushchev, emergency fund, etc.). Such programs are not in demand due to inflated interest rates and high fees for registration and maintenance loans. According to Vitaly Demidov, and. about. branch manager of the Bank "Absolut Bank" Prospects for a mortgage in St. Petersburg and Leningrad region highly appreciate. The next year, according to forecasts of our experts, the growth rate of construction in the Northwest region will increase, producing a high demand for mortgage loans. A drastic change that occurred in the U.S. mortgage market triggered a liquidity crisis and makes it difficult to forecast changes in interest rates. I think that the interest on loans in the near future will not be reduced. A number of banks experiencing liquidity problems, tighten requirements for borrowers and raise at 1-1.5% your bet. In addition, it is worth noting the tendency of growth in popularity of mortgage, not only in the northern capital, but also in the area. Proportion of clients who take the credit for buying a home outside the city is growing and will continue to increase in 2008. According to Irina Zabrodin, director of mortgage lending corporation "Adveks Real Estate" Many serious experts believe that in the coming years, a new pattern in bank lending. Objectively, the increase in the cost of lending money to banks has already taken place. In the future, for several years, banks will not loan money can buy at the old price.
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