April 23, 2012 at 08:19 AM EDT
Has the Variable Rate Mortgage Saved the European Mortgage Market?
Just as in the United States, many European countries have had large run-ups and crashes in house prices. Consider the data from the European Central Bank below: one sees in particular large price increases and declines in Spain and Ireland. (click to enlarge) Remarkably, default rates in Ireland and Spain in 2009, while high by [...]
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