Housing markets adjust as recession hits Mexico
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Mexico’s housing markets are adjusting to a recession in the US and to weak Mexican GDP growth, and also to the much-publicized drug-related violence which is turning foreign buyers off.
Sales have reportedly been falling fast in the coastal luxury market, though in Mexico there is no systematic data, so assessing the damage is more art than science. Vacation property sales are reportedly down anywhere from 12% to 60% in September 2008, in different locations, as compared to a year earlier.
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