Bloomberg is reporting that big name money investors are snapping up foreclosed properties in Puerto Rico as the U.S. territory teeters on what could become one of the nation’s worst ever financial debit crisis. According to the story, bidding wars have even broken out for delinquent loans while at the same time the property conditions are rapidly deteriorating (albeit with stunning views of the Caribbean). Bloomberg says it’s a “tell-tale sign that the market is getting frothy” and that making a profit could be elusive when you consider that the PR government is mired in debt, the economy has been contracting for 10 years and the foreclosure process can be long & cumbersome.
“The properties investors snap up run the gamut. They’re not just run-down single-family homes being foreclosed upon in San Juan and its suburbs — although there are plenty.”