Thread: The Impact of Immigration Reform On the U.S. Housing Market

HISPANICS ACCOUNTED FOR 27 PERCENT OF NET HOUSEHOLD GROWTH FROM 1995-2005!

Anyone dare to take a guess on how many of those 27% are illegal home owners?

The truth is undocumented workers contribute immensely to their communities and the economy. They have established businesses, bought homes and immersed themselves seamlessly into American life.

They immersed seamlessly into American life? Where did this happen? Funny, many places here in UT (and other states) are starting to look like mexico, not America.

Undocumented immigrants contribute at least $300 billion annually to the U.S. GNP, according to a UCLA study.

Over $300 billion? somehow I question the accuracy of this data.

I believe I bought my house in Aurora from illegals. They spoke only Spanish and were in a big hurry to get back. They abandoned a debt, a bank account, and a car. For at least a year, people would come to the house looking for them.

Over $300 billion? somehow I question the accuracy of this data.

I guess we could say Katrina contributed billions to the economy by the reasoning they're using?

Originally Posted by loservillelabor

Over $300 billion? somehow I question the accuracy of this data.

I guess we could say Katrina contributed billions to the economy by the reasoning they're using?

Loserville, you're probably right. If they gave back that much in taxes, etc. each year, I seriously doubt we'd have as severe of a healthcare and education crisis on our hands.

The recent housing bubble was caused by interest rates dropping significatly. This also yielded a huge increase in new construction, something that the builders are still trying to continue. We don't need hundreds of brand new subdivisions and the fact that it's slowing down is a GOOD THING. The doomsday reports will say how builders are going bankrupt, etc. - but that is there fault for being poor planners and not paying attention to current trends. Once the new housing market slows, pre-owned homes will experience a surge in value.

You will also see some doomsday reports from the lenders side, because refinances are down 29% - yet home purchases are only down about 4%. It's no big deal. There is no way we could have maintained the frenzied pace in 2004/2005 and it's a normal balancing of the housing market. Of course, these will be convenient statistics for the pro-illegals to use.

The housing bubble is a fascinating phenomenon. Middle class people were able to re-fi using their homes as ATMs. The subprime and no-doc loan people were able to get shaky folks into houses. Construction exploded. And now, construction jobs are starting to dry up, contracts and developments are being cancelled, and people are stuck owing more on their homes than they are now worth. The only thing keeping house prices as high as they are, in my opinion, is people's understandable reluctance to risk a short sale. REOs are everywhere: in my neighborhood why buy from an owner for 150-170 when the bank will sell you a house for 130-140?

Betsy, we have the same problem in UT. There are so many housing subdivisions which have been build and are being built, and the houses are not even sold. I don't have actual numbers, but the stats of available houses and condo complexes must be staggering. There is a new subdivision by our house which is almost done. It started construction over 2 years ago, and there will be a total of 21 houses. They are building the last 2 now, and only 5 have people in them. The rest are still for sale.
This is a common site everywhere in Salt Lake City and the surrounding valley. Many of the existing neighborhoods surrounding these new homes are also for sale, and the prices have dropped considerably.