This study aims to introduce Korea's housing finance system to the Asia-Pacific member countries as part of the joint work of the housing information system adopted in the Solo Declaration of APMCHUD (Asia-Pacific Ministerial Conference on Housing and Urban Development) at the request of sharing Asia-Pacific region countries' housing finance policies experiences. This study examines the institutional changes of housing finance and trends, status, and characteristics of the housing finance market according to Korea's economic and housing market development stages and presents the achievements and implications. Through all these, this study is expected to help lay the foundation for member countries' housing finance policies and development of such policies. This study sets the time scope from 1950 to the present when the relevant data can be collected. The periods can be classified into four stages: (1) post-war restoration and social base formation period (1950 ~ 1961); (2) period of housing shortage and formation of rudimental housing finance (1962 ~ 1980); (3) period of expanding housing supply (1981 ~ 1997); and, (4) period of successfully recovering from the international financial crisis and of approaching residential welfare expansion (1998 ~ present).
In detail, this study outlines the socioeconomic background and housing market situation according to the classification of the aforementioned periods, and then examines the housing policies and systems. Likewise, we introduce Korea's unique housing finance systems that were adopted and implemented in each period, following evaluation and implications from the experiences.

Chapter 1 Introduction


Chapter 2 Housing Finance in the Post-War Restoration and Social Infrastructure Formation Period

1. Housing market and housing finance between 1950 and 1961
1) Economic and social background
2) Status and characteristics of the housing market
3) Housing policy and system
4) Evaluation

2. Housing market and housing finance between 1962 and 1980
1) Economic and social background
2) Status and characteristics of the housing market
3) Housing policy and system
4) Housing finance
5) Evaluation


Chapter 3 Housing Market and Housing Finance in the Housing Supply Expansion Period (1981~1997)

1. Economic and social background

2. Status and characteristics of the housing market

3. Housing policies and systems
1) Consolidation of systems for housing prices and residential stability
2) Construction of 2 million homes
3) New town development
4) Consolidation of low income residential support

4. Housing finance

1) Establishment of the national housing fund
2) The housing finance credit guarantee fund
3) Expansion of privately managed housing fund support

5. Evaluation


Chapter 4 Housing Market and Housing Finance after the Foreign Exchange Crisis (1998 ~ present)

1. Economic and social background

2. Status and characteristics of the housing market

3. Housing policy and systems
1) Efforts to activate and ease the housing industry immediately after the foreign exchange crisis (1998~1999)
2) Stability in the housing market and ordinary people's dwellings

4. Housing finance

1) Change of the housing finance system
2) Adoption of comprehensive housing subscription savings
3) Housing lottery integrated into Lotto lottery
4) Housing finance credit guarantee (1988)
5) Mortgage bond securitization system (1999)
6) Reverse mortgage

5. Evaluation

Chapter 5 Conclusion

1. Housing policy evaluation and implications

1) Economic policy and housing policy
2) Execution of housing policy suitable for the economic situation and housing market
3) Expansion of low income households' residential stability base

2. Evaluation of housing finance system and implications
1) Laying the foundation for the public financing system of housing
2) National housing fund system
3) Adoption and operation of safe and sound financial techniques
4) Mortgage loan regulations



표목차

<Housing Status in the Post-War Restoration Period (Based on 1956)>
<Housing Construction Achievements during the Economic Development Scheme Periods>
<Housing Supply Rate in the 1970s>
<History of Housing Lottery>
<Required Quantities of Homes vs. No. of Built Homes>

<Status of the Housing Market in the 1980s>
<Results and Plans of Construction of 2 million homes>
<Details of New City Plan in the First Period>
<Yearly Fund Procurement Achievements of the National Housing Fund>
<National Housing Fund Management Performance>
<Trend in Housing Price Change in the 1980s>

<Trend in Savings related to Housing Subscriptions>
<Trend in Supply of Housing finance credit guarantee>
<Benefits of Housing pension>
<Status of PIR by Region and by Income level>


그림목차


<Public Homes Built by the Korea Housing Group (1957)>
<Urbanization Rate(1960～2010)>
<Housing Construction Achievements during the Economic Development Scheme Periods>
<Housing Supply Rate in the 1970s>
<Mapo Apts.(First Apartment complex in Korea, 1962>
<Hangang Mansion Apts.(1970)>
<Apartment financed by housing lottery ticket(1970)>
<Required Quantities of Homes vs. No. of Built Homes>

<Location of New City>
<Trend in Housing Supply rate(1982~2009)>
<Trend in Housing Price Change in the 1980s>

<Structure of MBS Securitization>