Reuters - Struggling with slowing home sales and a lack of liquidity, Mexico's top three homebuilders - Homex, Geo and Urbi - might have to seek bankruptcy protection if they fail to reach an agreement with creditors in the short term.Real Estate
Mexico's housing stable, says Moody's
Bloomberg - The outlook for Mexico’s housing industry is “stable” as homebuilders will benefit from purchases from low-income consumers using government-backed mortgages, Moody’s Investors Service said.
Invonavit grants 115,739 credits in last three months
Sentido Comun - Infonavit, the government agency that provides mortgage loans to workers, said it has granted 115,739 credits in the last three months, boosting the possibility of reaching its goal of providing half a million mortgages this year.
Infonavit vows to continue home loans
El Economista - Infonavit will continue its goal of placing 500,000 loans this year although activity could fall up to 7.5 percent. So far, 237.000 have been granted, said Infonavit director Víctor Manuel Borrás Setién.
Homex starts work on Morelos project with 6,700 homes
Sentido Comun - Homex, the largest home builder in Mexico, said it has started construction in the Morelos township known as Xochitepec Summits Campestre of a new social housing development of 6,700 homes.
IDB gives $500 million to Mexico for mortgage aid
La Jornada - The Inter-American Development Bank (IDB) disbursed $500 million for Mexico to provide credit lines to intermediary institutions such as the Limited Purpose Financial Companies (Sofoles) and Multiple Purpose Financial Companies (Sofomes) in addition to preserving market liquidity by buying bonds backed by mortgages.
Fonatur puts six hotels up for bid in Baja California
El Financiero - Federal tourism agency Fonatur is putting up six three-star hotels in the Baja California peninsula up for sale as a package in a public auction. The properties include the Desert Inn in San Quintin, Cataviña (within 300 miles of the border south of San Diego), Black Warrior, San Ignacio, Loreto and Ensenada.
Santa Fe construction accident backs up traffic
El Universal - The collapse of a wall in a hole at a Santa Fe construction site caused the cloaure of two lanes of Paseo de la Reforma, backing up traffic for 10 hours.
Sare sales fall 32.3 percent in 2nd quarter
El Economista - Second quarter sales of housing developer Sare Holdings fell 32.3 percent over the same period last year to $870.9 million in line with the company's decision to reduce its revenue growth.
eleconomista.com.mx/notas-online/negocios/2009/07/24/cae-323-ventas-vivienda-sare-segundo-trimestre
GMD resorts restructures debt with Interacciones
Sentido Comun - GMD Resorts, a Mexico City company specializing in tourism real estate development, said it reached an agreement with Interacciones to restructure and improve its debt profile.
Carso buys real estate development company
Sentido Comun - Grupo Carso, the Carlos Slim-owned largest industrial group in Mexico, said it paid 306.4 million pesos ($22.83 million) the Real Estate Development Project company, which was owned by Ideal, a company that manages infrastructure projects.
www.sentidocomun.com.mx/breves.phtml
