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South Korea: Household Debt Up; Just like Seoul Property Prices.

SOUTH KOREA
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

  • Household debt in Korea grew at a faster than expected pace in the last quarter.
  • Total household credit rose to KRW1.896tn in the second quarter.
  • This was a 1.9% year on year rise according to the Bank of Korea.
  • Worrying for the BOK was the rise in mortgage loans at 5.9% year on year.
  • The BOK has spoken of its concerns about property prices in Seoul and today’s data underscores those concerns.
  • Additionally, today’s consumer confidence survey showed that (particularly in Seoul) consumers expect the housing market to continue to rise.
  • This is likely see this week’s Bank of Korea’s meeting result in no change.

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  • Household debt in Korea grew at a faster than expected pace in the last quarter.
  • Total household credit rose to KRW1.896tn in the second quarter.
  • This was a 1.9% year on year rise according to the Bank of Korea.
  • Worrying for the BOK was the rise in mortgage loans at 5.9% year on year.
  • The BOK has spoken of its concerns about property prices in Seoul and today’s data underscores those concerns.
  • Additionally, today’s consumer confidence survey showed that (particularly in Seoul) consumers expect the housing market to continue to rise.
  • This is likely see this week’s Bank of Korea’s meeting result in no change.