Thursday, July 13, 2006


im vergleich zu den usa zwar nur ein kleiner fisch aber trotzdem bedenklich.

South Korea's Property Clampdown Threatens Homeowners, GrowthJuly 13 (Bloomberg) --
Han Jong Min and his wife began house-hunting when South Korean interest rates were at a record low. Eight months later, the couple can't afford to have a child as soaring mortgage payments eat up a third of Han's salary.

``My wife just got a job to help save our first home,' said Han, 33, who works in the purchasing department of food manufacturer CJ Corp. in Seoul. ``What's really worrying us is, what if home prices fall? We're preparing for the worst case of having to sell our home.

'Buyers like Han have caused mortgage debt to almost double in four years and home prices to increase 40 percent, prompting President Roh Moo Hyun to raise taxes to curb speculation. A backlash from voters routed Roh's party in May elections, leading the president to replace his finance and budget ministers on July 3.

``We can't rule out the likelihood of a collapse in property prices,' said Park Duck Bae, an economist at Hyundai Research Institute in Seoul. ``Bursting the bubble will have a destructive impact on the economy as heavily indebted households will go broke.

'The nation's highest interest rates in three years are dragging on an economy already restrained by near-record oil prices and a rising currency, Park said. South Korean homeowners are saddled with a record 201 trillion won ($212 billion) in mortgage debt, curbing consumer spending that makes up 60 percent of Asia's third-largest economy.

danke an und dort besonders an mish.



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