real estate-featured
Housing supply increases 20% in 2010
Sentido Comun - Mexico's institute for housing (Infonavit), the government agency that provides mortgage loans to workers in Mexico, said new housing grew 20 percent in the first half of the year compared to the same period of 2009, total of 240,000 houses and apartments.
Homex 2nd Q profit falls 18 percent
Dow Jones - Mexican home builder Homex reported Monday that its net profit fell 18 percent in the second quarter from a year ago to 431.4 million pesos ($34 million), as a higher tax bill offset increases in sales and operating profit.
Mexico's housing market is set to recover
Dow Jones - Mexico's housing market has come full circle from an 18-month contraction and is set to grow modestly in the second half of 2010 - and more robustly in 2011 - bolstered mostly by government-backed mortgages for low-income buyers.
Domestics now allowed in Infonavit program
El Economista - As of this month, the landlords will be able to register their domestic employees in the Infonavit system to help them gain credits for the purchase of a home. The program, which contributes 220 to 350 pesos monthly, is voluntary.
eleconomista.com.mx/finanzas-personales/2010/07/06/infonavit-empleados-domesticos
Urbi kicks off building program in Reynosa
Sentido Comun - Urbi Desarrollos Urbanos, the second housing builder in Mexico, announced the launch of operations in Reynosa, where the Mexicali company plans to build 5,600 homes and generate more than 25,000 jobs over the next five years.
Bolsa to launch real-estate securities
Bloomberg - Mexican real estate-linked securities known as Fibras will begin trading soon and represent “an enormous opportunity,” said Luis Tellez, chief executive officer of Bolsa Mexicana de Valores SAB, Mexico’s stock exchange operator.
Construction work falls again in March
El Semanario - The value of work in Mexico's construction industry fell 2.0 percent in real terms in March, the 20th consecutive monthly drop. The national statistics agency (INEGI) put the value in March at approximately $1.29 billion.
Threats prompt cancellation of housing project
Reforma - Because of the threat of having to pay "dues" to organized crime, Ara canceled a construction project in Reynosa that would have created 450 houses for some 4,000 residents, according to the Real Estate Developers Association (IDA), which contends such threats are becoming more frequent in the construction industry.
www.reforma.com/negocios/articulo/556/1110315/
BBVA offers savings program for buying home
Sentido Comun - BBVA Bancomer announced the launch of a program geared at people who can not verify their incomes by opening a savings account that within six to 18 months will let them get a loan to buy a house ranging in value from 180,000 to 1 million pesos ($13,900 to $77,260.
Santander is offering 10.53% mortgage
Sentido Comun - Banco Santander launched a new 10.53 percent mortgage described as the lowest annual interest rate on the market. The mortgage applies to those wishing to acquire medium-sized house or apartment.
