Thanks to the subprime mortgage meltdown and a depressed economy, many U.S. cities suffered rapid increases in mortgage foreclosures in the first six months of 2009.

Now looming resets in Adjustable Rate Mortgage (ARM) rates could sock U.S. homeowners with a “third wave” of foreclosures.

Hardest hit are California, Florida, Arizona, and Nevada, where some cities have suffered a 72 percent jump in foreclosures over the same period last year. When the ARM adjustments kick in, experts look for even more U.S. homeowners losing their homes.

But for U.S. owners of homes in Mexico, Brazil, Uruguay, Argentina, Ecuador, and other Latin American countries, low prices and lack of bank financing have shielded them from the mortgage crisis and preserved their homes.

“Throughout much of Latin America, single family home prices are so low that cash deals are the norm,” said Ronan McMahon, executive director of Pathfinder Real Estate, a global property company. “A large single family home in Merida, Mexico or David, Panama can cost a third, a quarter, or even less than a comparable home in the U.S., putting cash deals well within reach of many U.S. buyers.”

McMahon said that in gated communities, condo towers, and other major developments throughout Latin America, financing is readily available.

“The difference,” said McMahon, “is that financing is offered directly by the developer. And often the terms are so easy to manage that default is nearly impossible.”

McMahon sighted one example on the beach just outside Fortaleza, Brazil, where an established developer was offering ocean-view condos for less than one percent down and one percent per month financing.

“Prices for comparable condos in the U.S. would make them impossible for most people to own,” said McMahon. “But combine the low prices in Brazil with these direct-to-developer terms, and almost anyone can have a dream home on the beach without worrying about foreclosure. U.S. buyers just need to start thinking outside the U.S.”