Casas Beta has become Mexico's first housing developer to earmark a portion of ABS proceeds for the purchase of land. With housing demand buoyant and land increasingly precious, the competition for terrain among developers is fierce. "Land is a scarce resource right now," said Camilo Mendez, associate

analyst at Moody's Investors Service. "Take-out providers will have an [annual] budget per state and developers will be competing for that."

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