Long thrashed by swings in the U.S. economy, Mexico now boasts a thriving housing sector whose record growth leads Latin America - a sign of increased economic stability, and an outlet for investors looking to escape the U.S. downturn...The trend could even slow emigration from Mexico, by generating millions in jobs and personal savings as a fresh supply of loans gives many their first chance to own a house...

Behind the boom are six years of economic growth and stability, and a national shortage of 6 million dwellings. While interest rates are falling, just 6 percent of Mexico's 25.7 million homes are financed with mortgages - compared to about 67 percent in the U.S. Most Mexicans still inherit their homes, buy them with cash, or build them by hand.
...
"Mexico doesn't have a credit issue. We can still choose our borrowers because demand is so great," said Mark Zaltzman, chief financial officer at Su Casita, one of Mexico's largest mortgage lenders.



http://money.cnn.com/2008/01/20/news/international/bc.apfn.la.fin.mexico.housing.ap/index.htm?postversion=2008012007

Well this looks like good news for the US and Mexico