Thread: Mexicans fleeing drug war help El Paso house market

Mexicans fleeing drug war help El Paso house market

By Ignacio Alvarado
REUTERS

11:08 a.m. September 10, 2008

EL PASO, Texas – Mexicans fleeing a gruesome drug war are buying homes across the border in El Paso, helping keep the Texan city's property market afloat despite the worst U.S. housing crisis in decades.
With clashes between rival drug gangs leaving dead bodies on the streets of the Mexican border city of Ciudad Juarez almost daily, hundreds of middle class Mexicans are selling up and moving to El Paso, just over the Rio Grande.

The cities are a short walk apart, but there have been 12 homicides in El Paso this year compared to some 900 in Ciudad Juarez, where law and order has collapsed as Mexico's most wanted man Joaquin “Shortyâ€

I know in Florida, a buyer has to have a paper trail almost from the first cent they made, proving that they earned the money from something other than ill-gotten gains, especially those who pay cash or put the purchase on their Amex platinum card. Hopefully Texas has the same sort of regulatory oversight.

Originally Posted by vortex

I know in Florida, a buyer has to have a paper trail almost from the first cent they made, proving that they earned the money from something other than ill-gotten gains, especially those who pay cash or put the purchase on their Amex platinum card. Hopefully Texas has the same sort of regulatory oversight.

CA also has paper work that states this is NOT foreign money. If it is they pay much bigger fees and taxes. They have to declare where the money came from.