For years we've discussed the obvious link between the wave of illegals and the housing bubble. And we got slammed for it (by the PC crowd).
Well, like so many other issues where HP's been ahead of the crowd (as in every issue doesn't it seem?), this one is now out in the open for all to see.
The housing bubble drove illegal immigration (someone had to build all those damn houses). And illegal immigration drove the housing bubble (someone had to buy all those damn houses). And now the housing crash will drive the illegals back home (or deeper underground). And the illegals going away, and losing their jobs and ability to work, will speed up the housing crash. No matter what corrupt REIC idiots like Nicholas Retsinas want.
It's all linked HP'ers. And welcome to the truth America. Here's the story in the Washington Post, and a follow-up piece by HP'er Diana Olick at CNBC. Too bad the Arizona Republic, at the epicenter of illegal immigration and housing crash, is still asleep on this one. Even though the fake Arizona economy is about to implode along with its housing market.
Washington Post - Immigration, Housing Ills Seen as Linked
Prince William County's home prices and its Hispanic population rose in tandem during the first half of this decade, a result of a home-building frenzy that became a powerful magnet for immigrant laborers. They arrived by the thousands, sending housing values even higher.
Many did not come legally. But in the blur of swinging hammers and flying dollar signs, that detail was often overlooked. Illegal immigrants had little trouble finding jobs and not much trouble getting mortgages.
That arrangement has unraveled. Prince William has some of the highest foreclosure rates in the region, with a glut of unsold, depreciating homes. And its elected officials have embarked on one of the most ambitious efforts in the nation to drive out and deport illegal immigrants.
That combination -- an excess of housing and new anti-illegal immigrant policies -- is likely to exacerbate the county's weak real estate market, agents and lenders say. Regardless of one's views on immigration, they say, simple arithmetic dictates that if a lot of residents leave the county, the housing meltdown will only worsen.