Singapore may head towards subprime crash as well
I was in Singapore in July and had an opportunity to visit several condo developments. At teach of the development, there is a mortgage advisor from a bank linked to the developer.
Upon enquiry, there were willing to lend to me up to 100% of my monthly income (no kidding), provided that 30% deposit is put down. From the sound of it, also no doc (or no full verification of income was (Banks are required). (This only apply at 70% or less, 90%+ loans are quite strict).
However, during the last recession, Singapore condo crash by more than 50%. And if this crisis continues (which looks like it will be), we will have a nice drama of subprime @ Singapore.
http://4.bp.blogspot.com/_YlvEjlIelzk/SQCC1xZyh_I/AAAAAAAAUUg/grVZ2H8TaZw/s1600-h/1.jpg
(Oct 6 - OCt 12 transaction price)
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http://1.bp.blogspot.com/_YlvEjlIelzk/SLbZMyG1sGI/AAAAAAAANoE/qLT3slrm7Gs/s1600-h/1.jpg
(Aug 11 Weekly Transaction price)
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http://propertyhighlights.blogspot.com/2008/10/high-loan-exposure-becomes-dampener.html
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and a warning from Moody
http://propertyhighlights.blogspot.com/2008/10/high-loan-exposure-becomes-dampener.html