Colombia's economy and housing market

[AndyLee]

Here's an article fro Los Angeles times about the Colombian housing market.
http://www.latimes.com/news/nationworld/world/la-fg-colombia-housing-20110926,0,6721611.story


I was interested to see the thoughts on the expanding middle class in Colombia.

[Researcher]

    I'm glad to see an article actually give some numbers on this.It puts things into perspective when using the term "middle class".

    The key to things improving in any country is stability, political and economy wise.As long as things remain stable things will improve there.I'd have to say the teacher seems to have alot of confidence at 50 years old to get a 15 year mortgage.Many older people in Colombia get replaced by younger ones in their jobs.I hope things do improve there.Colombia still has alot of potential yet.

     Researcher

[Gato4Astrid]

    Many older people in Colombia get replaced by younger ones in their jobs.

     Researcher

Age discrimination unfortunately

[AndyLee]

I'd have to say the teacher seems to have alot of confidence at 50 years old to get a 15 year mortgage.Many older people in Colombia get replaced by younger ones in their jobs.I hope things do improve there.Colombia still has alot of potential yet.

     Researcher

Yes, it is quite true. I've met women who are insecure about their job because their boss wants to hire a younger, prettier woman. One was a 43 year old secretary at a university in Manizales, another was a 38 year old shop girl in Pereira. Both were attractive and good personality but not young and pretty anymore.
School teachers have better job security. Many of them can draw a pension when they are as young as 50, and many of them get 2 pensions, one from money they paid in each month all their career and another from the government. A retired school teacher is upper middle class here. They also get special mortgage rates and better terms.

[Jeff S]

Teachers get special housing subsidies in Mexico as well.

[fathertime]

That was an interesting article.  Lenders in Colombia are doing it right by insisting the buyers have 30% down.  It mitigates a lot of the risk.  I wonder if Colombia has a comparable credit rating system as we do with the FICO score.  I wonder if mortgages are resold like they are here.  I wonder how long it takes for a lender to give the mortgage payer the boot if they miss a payment or two.  In the USA the consequence for ignoring a mortgage is often 2 years of ‘free rent’, and a ding on the credit score, that many people couldn’t care less about. 


Fathertime!