La fin de la maison de vos rêves

BRUXELLES – La crise financière qui a débuté en 2007 trouve son origine dans les excès du marché immobilier, des excès qui n’ont toujours pas été résorbés en 2010 –  et qui devraient continuer à perturber l’économie en 2011 et au-delà. Tout le monde connaît aujourd’hui les fameux « subprimes » américains, les crédits hypothécaires à risque. Mais il est trop facile d’oublier que dans un premier temps, cette évolution du marché était bienvenue parce qu’elle permettait à des personnes qui n’auraient normalement pas accès à un prêt hypothécaire d’envisager l’achat d’une maison. Les prêts « subprime » ont permis au rêve américain de devenir réalité.

Bien sûr, des millions de personnes dans le monde partagent ce rêve. Mais la manière dont les marchés immobiliers sont organisés diffèrent énormément d’un pays à l’autre et ces différences expliquent les récents déséquilibres mondiaux et les krachs financiers.

Dans les pays avancés, la construction de nouveaux logements n’ajoute chaque année qu’une petite part au parc immobilier existant. Avec un taux de natalité stagnant (ou en déclin dans plusieurs pays européens et au Japon), les logements existants sont échangés entre différentes catégories de la population, en général des plus âgés aux plus jeunes.

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