Thread: Question re: Housing Market Crunch

GeorgeWashingtonAdmirer (from the google quote) posts over on alt.politics.immigration.
This newsgroup is where I heard about ALIPAC and numbersusa.
It's a place where non-politically-correct discussions of illegal
immigration take place.

Originally Posted by GeorgiaPeach

(quote)

http://groups.google.com.gi/group/misc. ... 66b1d77552

Psalm 91

Same here, on Long island (NY). There are so many houses for sale, the real estate section is thicker then ever in our local paper. And yet, they keep building. The house down the block that illegals live in, (I'm still not sure if one of them owns it) , had it's roof falling down on two sides, tied up, and jacked up. Finally, they sort of fixed it. I don't know who's "working" because when I get home from a hard day's work, some of them are around doing nothing. The house has been up for sale, but I don't know if that's just to stop the neighbors from calling the town all the time. God knows what it looks like inside.

Originally Posted by NCByrd

Another question.......

After illegals have lived in these houses (even for a short time), what condition are they in? Have the values on the homes diminished? They are ruining "market value" of homes all over the country, just by living in neighborhoods.

Good question... There is a condominium developement here in No. VA that ties in with your question. I can't remember the worth of the property and condo's, but the owner saw it cheaper to have them all torn down (demolished) rather than have them brought back to par for suitable living because of the messes that were left. I'll look for the article but: he was getting hit with huge costs to get the units back on the market and just started leaving them vacant until all of his leases had ran out. Then he called in the goons and had them all torn down. I think it was 10 buildings with 8-10 units per. Sick

Originally Posted by JanInGeorgia

I know that lenders have been providing loans for mortgages to illegal aliens. Loans that do not require them to provide the same documentation that Americans have to provide.

My question is how many of these "sub-prime" loans that are now causing such a problem are the ones they provided to illegal aliens? Any one know if there is a connection?

I'm sure there have been many problems due to many illegal aliens with mortgage loans purchasing homes. Have they changed this policy and only allowed citizens to apply for loans? What are they doing to correct this problem?

Originally Posted by LINYer

Same here, on Long island (NY). There are so many houses for sale, the real estate section is thicker then ever in our local paper. And yet, they keep building. The house down the block that illegals live in, (I'm still not sure if one of them owns it) , had it's roof falling down on two sides, tied up, and jacked up. Finally, they sort of fixed it. I don't know who's "working" because when I get home from a hard day's work, some of them are around doing nothing. The house has been up for sale, but I don't know if that's just to stop the neighbors from calling the town all the time. God knows what it looks like inside.

I can relate to that too! Being a Long Islander too.....

As in everything else, nothing will be done about illegals doing ANYTHING unlawful. They are above the law, apparently. And, of course, WE, the taxpayers, as USUAL, pay for it.

I think housing was allowed to go WAY out of sight, and now it has to be brought back to "normal". I live in the Boston area, so things are still really high - like $400K for a condo, even in my small town. I bought my condo 18 years ago, and it's increased in value 100% since then. I might get something out of it now, but I'll probably start losing equity at some point.

You certainly cannot buy something now and "flip" it, thinking you're going to make money. People even wonder if they would bother to fix things up before selling, because they'd probably never get all that money back.

All I can say is, I'm sure glad I bought years ago (and it seemed so expensive then!), because I can't afford the rents around here - anywhere from $1200 - $3000/month, depending on the size of the place and the area. There are teeny, tiny places here for over $2,000/month. Ridiculous. I work in a research lab, and there are young people who come here for a year or two to study with my boss, and their whole paycheck basically goes for rent.

Originally Posted by fedupDeb

There was a story in the Wash Post the other day that was absolutely incredible. An illegal alien woman stole a man's wallet and actually purchased a home for over $400,000 using the man's identity. She had a male relative pretend to be the man. She even went to the same mortgage company and received a second mortgage for over $90,000. All of this was done without having to produce a tax return or verification of employment.

She was exposed only because the actual man received a refund from the mortgage company and contacted them because he had never had a mortgage loan with the company.

When I purchased my home, they wanted everything but blood. I'll try to locate the article.

Agreed. We are purchasing our first home(condo) now. We had to fax our licenses over the other day and provide much documentation like you did, Deb.

It still amazes me that illegals cannot be forced to show id for hospitals, mortgages, etc. We Americans and legal citizens have to. Illegals always love to say they are being discriminated against. Seems to me the Americans are the ones who are in these cases.

This may sound cold-hearted, but the LAST thing we should do is bail anyone out of this.

As a financialy-literate person, I didn't "play" with the end of the tech bubble, and although I'm definitely interested in becoming a home-owner some day, I stayed FAR FAR away from this crazy housing market.

How did these people manage to avoid seeing the cover of EVERY magazine and newspaper over the last 2 years that screamed "HOUSING BUBBLE"!

No, they wanted to get rich by flipping, or they were suckered into "NEEDING" to own their part of the American Dream.

So...

If you are a citizen, and if there were unfair lending tactics involved... then we'll go after the company.

If you are a citizen, and the lending company did everything by-the-books, no bail-out for you.

If you are illegal. ...Sorry, them's the breaks.

e

PS, lets not forget the illegal's contribution to BUILDING this glut of new homes, and priving SUB-MARKET PRICES for home improvements, allowing flippers to prosper.

Absolutely, the people that ran out and overbought need to take the hit and learn a lesson.

We were in the Phoenix area and also Las Vegas a couple of years ago and they were throwing up those dirt dauber houses so fast, it was incredible. The prices were astounding and they were not quality built, with maybe 6 feet between houses, postage stamp yards, just sticking as many into an acre as they could.

This isn't even taking into consideration all the condos.

These were being bought, many of them, before they were finished and bought for speculation. People would rent out for a couple of years, and sell.

Originally Posted by cousinsal

As in everything else, nothing will be done about illegals doing ANYTHING unlawful. They are above the law, apparently. And, of course, WE, the taxpayers, as USUAL, pay for it.

I think housing was allowed to go WAY out of sight, and now it has to be brought back to "normal". I live in the Boston area, so things are still really high - like $400K for a condo, even in my small town. I bought my condo 18 years ago, and it's increased in value 100% since then. I might get something out of it now, but I'll probably start losing equity at some point.

You certainly cannot buy something now and "flip" it, thinking you're going to make money. People even wonder if they would bother to fix things up before selling, because they'd probably never get all that money back.

All I can say is, I'm sure glad I bought years ago (and it seemed so expensive then!), because I can't afford the rents around here - anywhere from $1200 - $3000/month, depending on the size of the place and the area. There are teeny, tiny places here for over $2,000/month. Ridiculous. I work in a research lab, and there are young people who come here for a year or two to study with my boss, and their whole paycheck basically goes for rent.

Thats the rental market here on Long Island... It amazes me that the high school and college grads that pick up jobs for 28,000 to 34,000 is just there rent and utilities (utilities are expensive on the Island)! I work in NYC and make much more then that and I haven't moved out of my parents house because I'm not going to risk it!!! I'll be saving and hopefully something will crack and prices will drop! But i'll just end up moving out of state in the end....