ADI: Only 6% of housing is bought with credit.

MEXICO CITY, Mar 02, 2005 (Notimex/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- In Mexico only 6% of housing is purchased using financing, while in the United States this figure is at 90%, said the president of the Association of Property Developers (ADI), Adolfo Fastlicht.In a press conference, the executive said that low-income housing can be acquired with credit, as can medium-income housing, as loans have become more available in recent years. However, the problem is that many people lack the funds to buy homes which has stimulated many to build their own housing.Jorge Gamboa de Buen, member of the Executive Committee of the ADI, said that this behavior was due to the fact that the commercial banks were out of the mortgage sector between 1994 and 2000. He stressed that in 1993 the banks granted 130,000 mortgages and in 2000 they financed the purchase of less than 1,500. This figure rose to 17,000 in 2004 and this year is expected to double, but is still well below the figures for the last decade.Gamboa de Buen added that the shortage in housing has fallen from 6 million to 4 million units and within the next 20 years the number of homes is expected to rise from 20 million to 40 million.

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