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Okinawa’s housing loans business holding steady

Date Posted: 2009-03-06

The sub prime loans shortfalls that triggered much of the world economic crisis has pressured the American housing market, but not Japan’s.

Since the Lehman Brothers bankruptcy send housing construction into freefall and mortgages to stumble into default, the U.S. Department of Commerce says there’s been a 33% drop in home construction loans compared with only two years ago. Economists say Japan has fared far differently.

In Okinawa, although the business recession is pushing income down and sending unemployment up, the demand for housing loans continues to surge. The rate’s up 4.1%, and the Okinawa housing market is cautiously optimistic. Officials say people are treating money more seriously, and making careful decisions on whether to extend themselves to make housing loans.

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