Housing Mortgage Market in US 2012-2016 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-31 00:17:02
The United States housing mortgage market is to grow at a CAGR of 14.69 percent over the period 2012-2016. One of the key factors contributing to this market growth is the improving demand for home loans. The Housing Mortgage market in the US has also been witnessing the declining rate of foreclosures for home loans with mortgage companies. However, the shrinking lending capacities of mortgage companies could pose a challenge to the growth of this market.
Since the sub-prime mortgage crisis of 2008, the foreclosure rate has increased at a rapid pace. The high rate of foreclosure led to the oversupply of housing, as it implies a large number of distressed properties entering the market. However, with the improving job market and better economic conditions, the rate of foreclosures is decreasing. This will eventually drive up the housing prices in the US in the future.
One of the major drivers is the increasing demand for home loans in the US. With the improving GDP and per capita income, the market is improving and the purchasing capability of middle- and higher-income groups is increasing.
One of the main challenges in the market is the high incidence of foreclosures due to high default rates. This is, in turn, increasing the supply of houses in the market, which will eventually drive down the housing prices even further.
The key vendors dominating this market space are Wells Fargo & Co., JP Morgan Chase & Co, US Bancorp and Bank of America Corp. Other vendors are Citigroup Inc., Fifth Third Bancorp, Flagstar Bank FSB, Ally Financial, SunTrust Bank, and Quicken Loans, Inc.
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