According to a recent Reuters news article, home prices are dropping significantly in this beautiful Central American country; although this should not come as a surprise to anyone. Did you know that you can now find a home in Florida for less than you might pay in parts of Costa Rica??? Most homes in Florida have dropped in value over 20-40% during the last two years and may go even lower. With home equity loans in the United States more difficult to attain (the most common portal used by investment home and second home buyers in Costa Rica) the same financing crunch is now being felt in Costa Rica. Finding loans for luxury purchases, such as a 2nd home in Costa Rica, is causing prices to drop quickly. This, of course, is great news for Canadians and Europeans where their currencies are much stronger and they have not felt the negative effects of the U.S. (domestic) sub-prime real estate market.

Source: http://www.reuters.com/article/gc06/idUSN0125596420080801

This entry was posted on Thursday, August 7th, 2008 at 4:13 am and is filed under MTLA Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.