Decline in Latino home buying...effect of new state law

This goes to show if you take the opportunity away, they will go.

http://www.dfw.com/mld/dfw/news/nation/14739683.htm

Posted on Sun, Jun. 04, 2006
Decline in Latino home buying seen as effect of new state law

Cox News Service
ATLANTA - Home buying among Latinos in metro Atlanta has slowed significantly in recent months amid jitters over immigration reform, say real estate agents and lenders who cater to the Spanish-speaking community.

The cooldown is an early sign that a 2-month-old Georgia law intended to reduce illegal immigration could be having an effect.

"There's no question that there's a panic in the Hispanic community," said Raymond Amengual, a lender with AHM Mortgage. "The problem is not so much their immigration status as the new laws that make them think they might not be able to work."

Illegal immigrants buy homes with Social Security numbers that don't belong to them or with individual tax identification numbers from the Internal Revenue Service.

Amengual says eight of every 10 of his clients use the tax IDs. He's averaging three loans a month this spring, down from 10 a month last year.

Real estate agents who cater to buyers with tax IDs report similar drops.

How much the pause in home-buying among some Latinos will affect the national real estate market is difficult to tell. Housing industry professionals say much of the future growth in their industry hinges on minorities and immigrants, legal and illegal, because the Anglo population is not expanding as fast.

Latino home buying? shouldn't that say ILLEGAL HOME BUYING? and SS fraud assisted home buying? Along with lets ruin the neighborhood by having 25 people live in our house while we trash the yard home buying? Latinos have been grouped in with Illegals since the beginning, I see it as wrong all the way. The anglo population isn't expanding as fast because we do things in a normal fashion. Just because we don't have 10 kids, and three of those have 2 kids by the age of 16 doesn't mean we are leaving the planet empty, it means we have brains that work when it comes to biting off more than you can chew, or afford.

I'm glad they are slowing down in buying these homes.
But we all know who will have to suffer if any of these illegal mortgages ever get foreclosed... the American tax payer will, with higher interest rates :x

Quote:

---

Housing industry professionals say much of the future growth in their industry hinges on minorities and immigrants, legal and illegal, because the Anglo population is not expanding as fast.

---

There's plenty of European-Americans who would love to own their own homes.

I suspect that the real problem is that certain minorities and immigrants are more likely to default on their loans, who ends up gobbling the house and property once that happens? What they term "growth" is a shift in ownership of property, consolidating and centralizing; the recent SCOTUS ruling on emminent domain facilitates this as well, and is much more blatantly black&white 'in your face'.

it just makes me wonder what those illegal aliens are doing with my social security number compliments of the VA and the jackass El Bushero administration.

1. Iraq mess
2. Immigration mess
3. New Orleans still unprepared for 2006 hurricane season
4. "Loss" of my and other veterans and active duty troopps personal info by the VA and administration to drug cartels and illegal aliens
5. Just being jackasses and wastes of tazpayer dollars

IMPEACH BUSH NOW!!!!!!!

THE SENATE: The most corrupt institution money can buy!!!!!!!