Playa del Carmen Mortgage Update 2008
Riviera for Sale, Playa Real Estate,
Estate Houses for Sale
Although it is true that there is a present real estate economic crunch in the United States, the same is NOT true for the real estate economy in Mexico. While the Mexican economy expected to slow down in 2008 based on the United State's real estate market's present situation, they have not yet experienced any rapid slowing down of their economy. Mexico is actually seeing signs of an increased economy since the beginning of the year. Playa del Carmen itself is an international resort community with real estate purchasers and investors from all over the world, primarily from Canadian home purchasers over the past few months. Recent real estate auctions of a significant number of condos and also a new trend in purchasers for new developments such as The Elements, The Fives, Sian-Kaan, Corto Maltes, Quadra Alea, Marina Mia-Puerto Aventuras, PLUS others that are purchasing through bank financing are changing the way potential home purchasers are buying property. There are also new mortgage lending standards with Mexican lending institutions now funding United States dollar mortgage loans to Canadians and Americans in Mexico. With it being a Mexican loan, and American Fannie Mae underwriting guidelines, being recorded only in Mexico, the loans do not get recorded in the purchaser's credit report in the United States or Canada. Loans taken out in Mexico do not affect American or Canadian purchasing power. Realtors in Mexico should become more conscientious that there are more options to sell a property, such as through a mortgage loan, other than "cash only". The Mexican real estate market can continue to "boom" as long as their international image of a "Paradise Tourist Destination" can be kept alive!
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