Looking for a strong real estate market? Try Mexico
Here’s an interesting story from AOL’s money & finance page: While the residential housing market remains mired in a deep slump in the United States, homes are selling quickly in Mexico.
According to the story, which you can read here, Mexico’s president, Felipe Calderon, has set a national goal of a million new mortgages a year by 2010. This looks like a reasonable goal: Just 6 percent of Mexico’s 25.7 million homes are financed with mortgages. (In the United States, it’s far different: 67 percent of U.S. homes are financed with mortgage loans.)
The story goes on to say that the pent-up demand for mortgages allows lenders in Mexico to remain choosey, enforcing strict lending standards that have kept delinquency rates in Mexico below 4 percent in the third quarter of 2007. Delinquency rates during the same period in the United States hit 5.6 percent.
The story even says the real estate market’s upswing may slow emigration from Mexico as it generates millions in new jobs.
Tags: default-rates, housing-market-in-Mexico, MexicoRelated Stories
POSTED IN: Breaking News, Buying a Property, Educational Tools, Insights and Commentaries, Real Life Stories, Road to Profits
0 opinions for Looking for a strong real estate market? Try Mexico
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: