1. House prices have risen faster than household income in most countries

Number of years over which cumulated average household disposable income equals the average price of a 100m2 dwelling

Source: Bricongne, Turrini and Pontuch (2019), Assessing House Prices: Insights from “Houselev”, a Dataset of Price Level Estimates and OECD Analytical Database.


  1. House prices are tightly linked to the business cycle

Real change in GDP and house prices, OECD average

Source: OECD Analytical Database


  1. Real house prices are falling in a number of countries

Year-on-year change of real house price index, 2022Q4 or latest available year

Source: OECD House Price Database


  1. Housing is often mentioned in central bank communication

Frequency at which central bankers use the words ‘house prices’ in their speeches, one-year moving average, per 10 000 words

Source: BIS repository of central banker speeches and OECD calculations


  1. Most countries use loan-to-value caps to keep household debt in check

Loan to value (LTV) caps, de facto and de jure, 2020

Source: Van Hoenselaar et al. (2021), “Mortgage finance across OECD countries”


  1. Fewer countries apply debt service-to-income caps

Debt service-to-income (DSTI) caps, 2021

Source: Van Hoenselaar et al. (2021), “Mortgage finance across OECD countries”


  1. Mortgage borrowing is the main component of household indebtedness

Household total debt and housing mortgage as a share of GDP, 2021 or latest available year

Source: OECD Analytical Database


  1. Variable or short-term fixed interest rate loans dominate housing finance in many countries

Mortgages by interest rate type on new loans, 2022Q2

Note: Data on adjustable-rate mortgages refer to the amount of gross lending.

Source: EMF - Hypostat 2022


  1. Foreclosure regulations differ considerably across countries

OECD foreclosure regulation index, 2019

Note: Higher values indicate more protection of borrowers while lower values correspond to more protection of lenders.

Source: Van Hoenselaar et al. (2021), “Mortgage finance across OECD countries”


  1. Issuance of residential mortgage-backed securities (RMBS) has risen fast in recent years

Amount of RMBS annual issuance, USD billion

Source: OECD (2023), Brick by Brick: Better Housing Policies – Volume II


  1. Mortgage covered bonds are on the rise

Mortgage covered bonds, total outstanding, EUR billion

Source: European Covered Bond Council and OECD calculations


  1. Real Estate Investment Trusts (REITs) have expanded since the Great Financial Crisis

US mortgage REITs by type, market capitalisation, USD billion

Source: OECD (2023), Brick by Brick: Better Housing Policies – Volume II


  1. Real Estate Investment Trusts (REITs) remain small relative to equity REITs

Distribution of market capitalisation of US listed equity versus mortgage REITs, 2021

Source: OECD (2023), Brick by Brick: Better Housing Policies – Volume II


  1. Green debt markets have expanded substantially since 2015

Size of the green debt markets, USD billion

Source: OECD (2022), Real estate finance and climate transition: market practices, challenges and policy considerations


  1. Europe is the largest issuer of green debt instruments

Regional distribution of green debt instrument issuance

Source: OECD (2022), Real estate finance and climate transition: market practices, challenges and policy considerations


  1. Green debt instruments are evenly distributed across sectors

Sectoral distribution of green debt instrument issuance

Source: OECD (2022), Real estate finance and climate transition: market practices, challenges and policy considerations