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Foreclosures rising in Mexico


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Old 05-20-2013, 02:23 AM
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Default Foreclosures rising in Mexico

Sounds like Mexico is headed for a big housing downturn. Mexico Follows U.S. in Foreclosures Crushing Builders - Bloomberg I have been looking for a vacation home and the list prices are way out of line I cant wait for the 50 % off sale


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Old 05-20-2013, 07:50 AM
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Be careful what you wish for, I know that Mexico is not as reliant on the Building and Tourist trades as Spain was, but this sort of collapse causes untold economic hardship, I hope that here the problem can be controlled.

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Old 05-20-2013, 10:47 AM
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The number of Infonavit or Infonavit like housing communities over the last few years was out of control. Huge tracks of land on the outskirts of cities filled with cookie cutter boxes. Part of the reason I didn't stay in Jocotepec on Lake Chapala was the couple hundred of these they built just outside of town. The infrastructure (streets, highways, shopping and sewer) couldn't handle that many new families along with it's normal growth.

Don't think these communities sitting empty will effect normal housing prices.


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Old 05-20-2013, 04:28 PM
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You can't compare foreclosures in any other country with that of the U.S. as most countries have limitations on borrowing against mortgages and this exists in many parts of the U.S. as well. One reason for the price increases is that 1) Mexicans have more $$$ since the economy is improving; and 2) the # of Americans who've fled the U.S. for one reason or another.


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Old 05-20-2013, 10:37 PM
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Not only can't Expats get credit for the general housing market .... but they would not want to live in these little casas with no yard, no secure parking .... and on the outskirts of somewhere. Not related to Expats


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Old 05-20-2013, 11:48 PM
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Quote:
Originally Posted by PhilCo View Post
Be careful what you wish for, I know that Mexico is not as reliant on the Building and Tourist trades as Spain was, but this sort of collapse causes untold economic hardship, I hope that here the problem can be controlled.
That's sure the truth Phil. Problem is that Mexico borders the US and their economy is tightly tied to the US. If for no other reason, Mexicans working in the US and sending $$$ home to family. When the work peters out in the US it's gonna hit the Mexican families too.


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Old 05-21-2013, 12:34 AM
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Vacation homes are not being "foreclosed" simply because financing for Gringos was never available. In some areas developer sold on a private contract and simply cancelled the time sale contract for those Gringos who did not keep up their payments. The bottom for this market on the Pacific coast was reached about 1 year ago and now prices are firming as the inventory of fire sales has been depleted. From the US border to PV prices and sales volumn are up around 10 % generally due to non USA buyers realizing the relative bargain price of beach front or near beach housing. Add in the pending changes to the Bank trust laws, and the experienced Mexico money is still watching for a distress sale, but content to pay market value. We know Canadians are taking 30 % of the good deals in many areas, and are now seeing significant activity from the Indians and Chinese.

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Old 05-21-2013, 02:10 AM
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I predict a similar problem here in Brazil soon.

In my town, a young married couple, without help from their parents, just cannot even begin to imagine how they might buy a property, due to the absurd prices.
The price rises on properties just cannot go on the way that they are?


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Old 05-21-2013, 02:52 AM
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Quote:
Originally Posted by sparksmex View Post
Not only can't Expats get credit for the general housing market .... but they would not want to live in these little casas with no yard, no secure parking .... and on the outskirts of somewhere. Not related to Expats
Seems like change is in the air the gov't has new plans for the market. I'd say housing in mexico is gonna get really cheap in the next year or 2. Not to mention there is a pretty large distressed property market in the Baja region already.



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Old 05-21-2013, 09:34 AM
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Welcome playarubie .... hope you are right about the west coast market. I just know it's pretty hard to sell anything here in the south of Jalisco.


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