Fitch意大利住房和抵押市场前景.pdf

Structured Finance  Prime RMBS  Italian Housing Mortgage Market Italy  Special Report  Outlook  Showing Resiliencein aToughEconomicEnvironment  Analysts  RisingUnemployment and Interest RatesAre Key Risks for  Downside  Daniela Di Filippo +39 02 87 90 87 243 After a decade of significant growth up to the global financial crisis in 2007, the daniela.difilippo@ Italian housing market has since experienced a slow‐down in line with the national Michele Cuneo economic downturn. The global crisis has exacerbated the effects of the national +39 02 87 90 87 230 michele.cuneo@ economic recession, which started in mid‐2007. An environment of extreme uncertainty, along with Italy’s economic instability, has hit both consumer Flora Pontecorvo confidence and housing demand. +39 02 87 90 87 263 flora.pontecorvo@ The tightening of credit by banks, as indicated by Bank of Italy periodic lending Diana Leone surveys, and rising unemployment have been among the most important drivers to +39 02 87 90 87 2 19 diana.leone@  negatively influence housing demand but the main contributor has been the reluctance of Italian families to increase their debt as they wait for better times. Related Research