Barriers to homeownership

May 29, 2012

Starting next Monday, the AFIP is who authorized ‘purchasing dollars with the pesos obtained with mortgage loans.’

To date, who obtained a mortgage, buying the U.S. currency could perform equivalent loan from the Bank.

According to spokesmen from leading banks, “99% of those receiving a home loan, the amount borrowed dollarized because, despite the exchange stocks, real estate transactions are realized even in dollars. They now fear that this change will end up being a hindrance to buy more foreign currency, seeking to force the ‘peso regime’ of the housing market.”

They also warn that “the new system could further damage the mortgage market, which already is almost insignificant, representing only 12% of the total stock of loans granted.”

The same sources indicate that “in the last month the fear of the stocks exchange brought down half the demand for this loan online.”

“During this time of year, banks gave $ 2,680 million (U.S. $ 597 million) for the purchase of houses; a lower amount compared with $ 47,000 million more than the central bank reserves. But the figure is made relevant to a government that seeks to contain the leakage of dollars.”

“It would be laughable that enable purchases of foreign currency, because the source of funds in these cases is justified by the bank that money brings. But it is ridiculous that customers can not buy dollars to save the weights they have in their accounts salaries. It is a step towards ‘peso regime’ of the local market.”