The volume of mortgage portfolios reduces its volume of growth

PANAMA. While the construction sector is saying goodbye to big skyscrapers and is turning to more modest residential projects, the growth of mortgage credits en the past several months has begun to show a deacceleration.
The Analysis of Bank Mortgage Credits of Equilibrium indicated that in January of 2008, the portfolio had an annual growth of 13.4%, but in January of 2009, it was reduced to 10.1%.  This tendency will be maintained the entire year.
The credit portfolio decreased 33.4 million dollars from October to November of 2008 revealed the same report.

For the general manager of Equilibrium, Ernesto Bazán, this behavior is due to the fact that the Panamanian consumer “arrived at his limit of debt” and the banks are more demanding with their client profiles.  Nevertheless, the president of the Panamanian Association of Brokers and Promoters of Real Estate (ACOBIR), Osvaldo Marchena, says that “the economy of the country is fine” and there is no justification for a diminishment of the purchase of residences.

Posted by on Apr 21st, 2009 and filed under Mortgage. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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