Housing Stable But Remains A Concern

A year-on-year (y-o-y) increase in revenues evident from the balance sheets of Urbi Desarrollos and Desarrolladora Homex hints at a continuation in the slow recovery of the Mexican housing market, yet many factors continue to dampen our forecast for the residential housing sector. Despite a forecasted 3.4% growth in real GDP, we believe the residential and non-residential construction sectors will continue to underperform the wider industry.

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