Saturday, November 27, 2021
Martin Hennecke

Incomes fall, mortgage delinquencies rise
<p>Nearly three in four Hongkongers experienced negative impacts on household income, and mortgage delinquencies of Gen X consumers, born between 1965 and 1979, rose 41 percent in the second quarter from a year before, according to two surveys by TransUnion.</p><p>The Global Consumer Financial Hardship survey was conducted among 1,100 adults in Hong Kong from August 30 to September 3.</p><p>73 percent of consumers said their family incomes have been negatively impacted.</p><p>Furthermore, TransUnion&#39;s Q2 mortgage data reveals that 76 percent of the Gen Z respondents, born 1995 or after, are experiencing the greatest financial impact of the pandemic. Employment-wise, the study has found that 20 percent of Gen Z respondents have been laid off from their jobs, while 60 percent of millennials have experienced shortened employment hours.</p><p>According to TransUnion&#39;s Q2 2020 Industry Insights report, mortgage delinquencies for the first half of the year are on the increase, showing a year-on-year growth of 1 basis point in the second quarter.</p><p>Gen X consumers defaulting on their mortgage loan payments increased from 302 in the second quarter of the previous year to 426 this year. Millennials - those born between 1980 and 1994 - showed a 72 percent increase over the same period from 107 to 184 cases of mortgage delinquencies for the first half of the year.</p><p>The report showed that mortgage inquiries rose 10.2 percent year-on-year in the second quarter, reflecting Hong Kong consumers regained confidence in buying property.</p>

Previous news : Nine face $1m bribery rap over Macau firm's listing


Register  Forget Password
Advanced Search
© 2021 The Standard, The Standard Newspapers Publishing Ltd.
Home | Business | Metro | Focus | Opinion | Markets | World | Sports | Entertainment | Monday Money | Property | Macau | Weekend