In 2011 the housing industry will be crucial to bolster the economy emphasized the Ministry of Finance and Public Credit SHCP to note that in general the outlook for the construction industry are optimistic risk moderate spending and stable prices.
Through the weekly report from the office of the Ministry of Finance spokesperson predicted that this year The housing industry itself is now supported by the revival of mortgage credit by the banking system. He said he plans to carry out one million one hundred thousand operations associated with loans and subsidies for families of all socioeconomic levels with an investment of 264 billion pesos, which implies an annual increase of 10 percent. He said that this amount be used for mortgage lending by all housing agencies including public institutions and private financial intermediaries.
scored Only Federal Mortgage Society (SHF) will finance with 15 thousand 500 million pesos housing construction and the current administration has taken a historic momentum to the country's housing development.
Despite the crisis for the first time you are covering the housing demand of Mexican families in particular those who have less through various actions. Furthermore, this momentum has impacted positively on indicators such as formal employment in the construction industry and capital formation added the SHCP.
reiterated that during this administration the federal government has invested over a billion dollars in grant of 4.4 million credits and subsidies for housing reflecting an increase of 89 percent over the investment by the government of former President Vicente Fox over the same period. With this dynamic indicated the federal government finances daily construction or improvement of three thousand 250 homes and the program "This is your house" designed for the very poor areas in the past three years 732 000 families have received grants.
This figure represents about 16.6 percent of total funding awarded between 2007 and 2010 while cumulative investment amounts to little more than 19 billion pesos, the agency added. He noted that the above program features a multiplier effect economic activity and that for every dollar invested 3.87 reinvested financing derived from implementing agencies and beneficiaries savings.
The Ministry of Finance highlighted the role of commercial banks in housing finance and said the current credit growth fairy began to accelerate industry is going from 4 percent in 2009 to 6.8 percent in 2010 with 11.5 percent of mortgages that the year before
The strength in housing activity has a positive impact on employment in the construction sector in 2010 was revived in an important way to take more than 85 000 new jobs work. This was the largest generation of formal jobs in the last 12 years representing 12 percent of the total in 2010 said.
Finally among the elements in recent years have favored the growth in real estate in Mexico, SHCP said that 75 percent of mortgages are generated by a public entity and Fovissste Infonavit. He noted that this allows some stability under the conditions of origination and resource flows are affected only to a serious downturn.
also mentioned the existence of new tools to offset the purchasing power of families as the "This is your house" that gives subsidies to those earning less than four minimum wages.
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