TIJUANA. Mexico’s National Funding Institute for Worker Housing (Infonavit) stated that a public auction will be held next week, where they hope to sell over 5,000 abandoned houses throughout the country, of which 1,500 are located in Tijuana.

Tijuana, along with the state of Baja California, suffered during the financial and real estate crisis of the last year, with the highest rate of foreclosures and abandoned properties in Mexico. Dozens of middle and low income developments in the peripherals of the city are only just recovering, but the crisis left the entire city setting their eyes on

housing closer to the urban center of Tijuana.

These houses were legally abandoned, but the Institute managed to repossess them and will auction the lots during a sales event organized by the Mexican Real Estate Professionals Association (AMPI). The money collected will go straight into Infonavit dependents’ account, said David Penchyna Grub, the institute’s director.

According to Mexican news outlet El Financiero, Most of these 5,000 houses are in Tijuana, and belong to an Urbi-owned land development. Potential buyers include investment funds and companies that buy these houses, refurbish them and put them back on the market.

Via El Financiero and Infonavit

More news in SanDiegoRed.com

Stay connected to San Diego Red through

[p]Facebook and Twitter.

[/p]

editorial@sandiegored.com