La résistance du marché immobilier d’Amérique latine

New York – Alors que la crise des sub-primes aux Etats-Unis atteint les marchés mondiaux, l’une des tendances les plus positives d’Amérique latine – l’expansion des marchés de crédit locaux, qui a largement contribué à l’accès à la propriété dans cette partie du monde – sera-t-elle compromise ?

Les grandes banques multinationales et les sociétés de prêts immobiliers se sont tournées vers les marchés latino-américains pour proposer des services financiers permettant aux prêteurs de mieux gérer les risques. Les banques exploitent de façon créative les fonds transférés par les travailleurs migrants, les foyers composés de plusieurs familles et d’autres sources auparavant méprisées aux revenus et à la solvabilité potentiels. De même, le développement des micro crédits a permis de mettre un capital à la disposition d’emprunteurs qui jusque récemment n’étaient pas considérés comme solvables.

Jusqu’ici, la crise des sub-primes n’a eu qu’un impact direct limité sur les marchés hypothécaires d’Amérique latine. Au Mexique, le nouveau marché immobilier des revenus faibles et moyens connaît une hausse rapide grâce à la création en 2003 d’un marché de titres hypothécaires. Rien qu’au cours du dernier trimestre 2007, les Mexicains ont vendu pour 1,5 milliards de dollars de valeurs mobilières adossées à des hypothèques – soit une grande partie des 4,4 milliards des dollars à rembourser –, avec une légère baisse des prix qui reflète les risques encourus au niveau mondial, selon le Asset Securitization Report . Les marchés chiliens sont eux aussi restés relativement calmes.

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