(Reuters) - The U.S. mortgage crisis has hit Costa Rica’s once booming vacation home market, with sales plummeting as Americans who dream of buying a tropical getaway struggle to find financing. U.S. retirees and vacationers often pay for beach homes along Costa Rica’s jungle-fringed beaches by taking out mortgages on their homes in the United States, but trouble in the banking sector has made that more difficult, realtors say. Prices for some vacation houses and condominiums in the Central American country have dropped as much as 40 percent from their peak a few years ago and sales have slumped at least 30 percent over the past six months, they say. More
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August 1st, 2008 at 6:55 pm
[…] Original Marian Bennett’s introduction to real estate on the San Mateo Coast […]