The ripple effects of the credit crisis in the United States appear to have reached Cancun’s time-share real estate market, where the monthly cancellation rate on time-share purchase contracts increased to 8% in October 2008, which is 4% to 6% over the average monthly cancellation rate, according to a report in today’s El Financiero. 

Miriam Cortez, executive director of the Association of Vacation Clubs (Asociacion de Clubes Vacacionales - Acluvac), who was interviewed in the report, said that for the first time in many years the outlook for new time-share sales looks bleak.