THE CURRENT STATE OF THE MORTGAGE MARKET IN RUSSIA

The basic indicator demonstrating the standard of living of citizens is the ability to purchase real estate, i.e. the ability of a person to buy real estate, while making their daily expenses in the usual mode. In our country, without the active use of socio-economic policy, the mortgage lending market will not be able to develop and transform without the introduction of government support measures for this sector of the economy. This is natural and is associated with both the increasing needs of citizens for real estate and the increase in prices for it. The mortgage market should be viewed through the prism of the interaction of such categories as the market for mortgage loans, mortgage securities and real estate The most important instrument of long-term lending, where real estate is used as collateral, is mortgage lending. The current state of the Russian mortgage lending market demonstrates certain negative phenomena that need to be mitigated, as they hinder the full-fledged development of the Russian economy. Among them, we would like to highlight the following: stable inflation, observed throughout the entire period of transformation of our economy from planned to market inflation, its growth leads to an increase in not only the cost of housing and everything necessary for a full life of citizens, but also an increase in the discount rate, the growth of which is justified by the central bank, restraining prices; low solvency of citizens of the country – this is a key indicator demonstrating an objective picture in the state; no market competition in the field of real estate construction – low supply in the primary construction market; strict control over the cost of housing by monopolies, oligopolies, etc.; high cost of borrowed funds – for developers there is no real opportunity to obtain inexpensive credit resources to finance their projects, which results in high cost of mortgages for residents of the country; global financial crisis of world scale is a macroeconomic factor influencing economic development within the country. The relevance of the research topic lies in the constant process of improving mortgage lending in Russia and increasing the efficiency of using this lending mechanism. Modernization of the mortgage market is necessary due to the growing demand for the purchase of real estate by the population of the state.