How are illegal immigrants competing to buy houses en masse? How do they get mortgages? Or are they so stonking rich they pay in cash?
Our town’s housing prices have gone insane since COVID. Absolutely insane. We do have a few illegals in town but they are definitely not buying houses.
If they were rich enough to just come to the US and buy housing, they would not be illegal immigrants. Certainly not the ones coming through the border.
He’s full of shit, just as with his made up story about Haitians eating people’s pets. Seems to be a common thread with this guy.
“Our town’s housing prices have gone insane since COVID. Absolutely insane. We do have a few illegals in town but they are definitely not buying houses.”
There are several reasons. But I think the main one: Everybody who had a house before COVID and refinanced, or bought a house during COVID is sitting on historically low interest rates. These are people whose mortgage interest rates are historically low at around 3% or less vs the current 6%. As such, these people have absolutely no incentive to move or sell unless they really have to. I think this has completely frozen the housing market as there is very little supply due to people not wanting to move.
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Those little houses that go for $300,000 are being bought up very fast. And for the life of me I can’t figure out who’s buying. Definitely not illegals. But who? Who’d want to live in a tiny see-through box behind the gas station? These have to be young, childless people. But where do they get the money?
I’m trying not to lurk behind the gas station but I’m sorely tempted to peek into windows.
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Desperate people who feel the dream of home ownership is slipping away. Even at current rates, you can still get a mortgage to cover a $300,000 house.
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Even the federal reserve was forced to admit this. You’ve seen an extreme case of this in Canada where homes have become completely affordable. As a landlord in Brampton, Ontario, you have two options: rent your house to a single family for say $2000. Or rent your house to a group of students living 8 to a room studying in a fake university which exists only to issue accreditation documents so they can get a visa from punjab, for $3200.
What will most landlords choose?
Migrants shipped in from Haiti have housing vouchers paid for by the american taxpayer, that make it hard for americans to find affordable housing. Tons of information about how the NGO industrial complex facilitates this, and I’ve posted my links on this blog before.
“..posted many links..”
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The topic and question was about ILLEGAL immigrants.
Legal immigrants can and do take up housing, but they are generally very rich so nothing is done about it.
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Yeah, but these people are dirt poor and certainly not buying up houses that costs hundreds of thousands of dollars.
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I understand how rental prices can be driven up. But this was about home ownership. They both very specifically said home ownership.
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Federal Reserve chairman also confirmed that this phenomenon is known to happen. The technicalities of it are above my pay grade, unfortunately.
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Then you’re talking about the rental market, not the house market. Once again, not what the question was about.
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