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/ Wednesday, October 9, 2019
Mortgage Bankers Association: Nowhere To Go But Up Affordability remains a challenge for many Rosario Fajardo
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rfajardo@wjournalpr.com
the Puerto Rico Association of Realtors’ annual billion. This represents a whopping decrease of 82 conference. percent in 14 years. “We have López, who is a senior vice received a really big blow,” he president at Banco Popular, said. outlined the travails of the realHowever, the real-estate estate industry in the past 14 market is moving in the In 2016, there years. By way of comparison, right direction, López said were 5,500 property he said in 2005, there were 11 to realtors. And it’s not just foreclosures commercial banks in Puerto in the well-known areas of islandwide; in 2017 Rico and 50 mortgage banks. To Condado, Dorado and Old there were 3,700; date, there are five commercial San Juan. “Real-estate prices and this year, the banks, 21 mortgage banks and, have increased dramatically [in projection is similar, with the sale of Scotiabank these areas], but that’s another noted Silvio López, Puerto Rico to Oriental Bank, kind of animal. I also mean in president of the there will be four commercial regular neighborhoods. I have Puerto Rico Mortgage banks on the island. seen buyers paying above the Bankers Association. He also noted that in 2005, appraised value. The market is about $11.2 billion worth of stable and values are going up,” mortgages were transacted in he noted. Puerto Rico, while last year there were just $1.7 López said Banco Popular, the main bank in
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uerto Rico has touched bottom and there’s nowhere to go but up. That is the message of Silvio López, president of the Puerto Rico Mortgage Bankers Association. “In Puerto Rico, it is easy to point the finger and blame. It is difficult to accept our own personal responsibility. But I am optimistic because even with what has been happening in Puerto Rico, the volume of mortgages has been going up,” he said during
Real-estate prices are going up in many areas, not just in Condado and Dorado, but also in regular neighborhoods, according to the Puerto Rico Mortgage Bankers Association. >Archive