I do expect to see real estate prices come down dramatically on the island, just as I do in the mainland and other parts of the world like Hong Kong and Australia.

Puerto Rico is battling a 10-year economic depression at a time when the global economy is poised for a downturn.

Banks here are sitting on a lot of bad loans already that they haven't been able to liquidate due to a moratorium on foreclosures.

Once they start doing so, I think there's going to be a substantial drop in real estate prices.

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