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Financial Post: Mexico the latest country dealing with a tidal wave of foreclosures

Blog by Brad Herman | April 3rd, 2013

Just as the U.S. emerges from the worst of its foreclosure crisis, Mexico’s is getting worse.

Home repossessions more than doubled last year to a record 43,853 from 2011, according to Infonavit, the state-backed lender responsible for about 70% of home loans in Mexico, as the past decade’s expansion in government-subsidized housing backfires and adds to a glut of empty homes weighing on the nation’s beleaguered builders.