One country, many housing markets

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Title: One country, many housing markets
Author: Putkuri, Hanna
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 89
Series number: 2/2015
Year of publication: 2015
Publication date: 9.6.2015
Pages: 22-26
Subject (yso): vakaus; asuntomarkkinat; velkaantuminen
Keywords: rahoitusvakaus; kotitaloudet; suhdannesidonnaiset vakausuhkat; asunnot; luotot; Suomi; alueet; riskit
Other keywords: financial stability; housing markets; households; indebtedness; cyclical threats to financial stability
Abstract: Regional divergence is a strong feature of the Finnish housing market and household debt. House prices are higher in growth centres than in the rest of the country, and households in growth centres also have more housing debt both in absolute terms and relative to their income. In the long term, the mutually reinforcing cycles and vulnerabilities in housing and credit markets could turn out to be detrimental to financial stability and the macroeconomy.

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