Fitch: Greek mortgage market shows signs of stabilisation

Fitch: Greek mortgage market shows signs of stabilisation

 

Fitch Ratings says performance in Greek RMBS transactions is showing signs of stabilising, with mortgage arrears levels flat and new defaults occurring at a reduced rate in Q113.

The proportion of the loans that are in arrears by more than three months increased only marginally by 20bps to 4.7%, following a period of more rapid increases. The constant default rate (a measure of the number of new loans defaulting) actually fell during Q113 to 1.5% from 1.8% in the previous quarter.