Slump moves south
The San Diego Union-Tribune reports that the "U.S. housing slump has spread south across the border, dampening a coastal real estate boom boosted in recent years by Americans snatching up vacation and retirement homes in Baja California and elsewhere in Mexico."
Baby boomers were helping fuel Mexico's housing market. Some think they will again -- just not right now.
“There's a temporary downturn in sales,” said John McCarthy, chief executive of Mexico Leisure Real Estate Development Partners, “but I think the demographics are there. And once the psychological effect of the subprime crisis passes, the market will come back.”
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