6. Trade accounts receivable

The Company does not believe that it has a significant concentration of credit risk. While some of its receivables are from homebuyers, the majority are from entities in the home finance business, whose characteristics differ from other receivables.

(1) These amounts include balances due from INFONAVIT, FOVISSSTE, SOFOLES (Sociedades Financieras de Objeto Limitado), commercial banks and homebuyers.
With the exception of commercial banks, all such categories exceed 10% of accounts receivable balances as of December 31, 2010 and 2009.

(2) The Company participates in a program referred to as “Programa de Entrega Anticipada de Vivienda INFONAVIT”. This program provides for factoring of INFONAVIT receivables without recourse, thereby providing for more timely collection.

(3) The Company participates in a factoring program with Mexico’s National Development Bank (NAFIN), which provided FOVISSSTE with a funding source to complement its housing programs. This program provides for factoring of FOVISSSTE receivables without recourse, thereby providing for more timely collection.

(4) This receivable is related to construction services provided by the Company to the Mexican Federal Government accounted using the percentage of completion method.

(5) The long-term trade account receivable is due to an agreement with the Housing Institute of the Federal District, or Instituto de Vivienda del Distrito Federal (“INVI”), on which it was agreed that the Company will receive monthly payments, including interest at a rate of TIIE plus 4%, during a fiveyear period, beginning June 2009, due to the sale of houses in Mexico City.