New AZ Immigration law could cripple AZ housing market

[240 is Back]

Now this gets interesting... Suppose a million illegals, or offended legals, leave Arizona thanks to this law.... Suddenly, there are 1,000,000 Arizona landlords going into foreclosure...


The impact of Arizona's tough new immigration law is rippling through the state, six weeks before the law is scheduled to go into effect.

One area where SB 1070 could hurt Arizona, but take many months to manifest, is metropolitan Phoenix's housing market.


An exodus of people - both legal and illegal residents - could be one more drag on a housing-market recovery. Departures from a state where growth is the economic foundation could add to the number of foreclosures and vacant houses and apartments, all of which will hurt the housing industry just as signs of recovery are starting to appear.

Read more: http://www.azcentral.com/arizonarepublic/news/articles/2010/06/14/20100614arizona-immigration-real-estate-foreclosures.html#ixzz0qz7wqIrY

[tonymctones]

LOL will probably be a net gain when you look at the amount of welfare and govt aid that will be saved amongst other aspects...

youre on tilt 240 

[240 is Back]

hahahahaha  tony, I'm having some fun tonight by pre-empting the spin with the thread itself.... 3 of them right from the lib blogs.

Of course you know I have no pity for AZ landlords who have been breaking the law renting to illegals dude

[24KT]

I didn't know it was illegal to rent to illegal aliens, I thought it was only illegal to hire them.

Does that mean a landlord is criminally liable for renting to illegals?
Are grocers criminally liable for selling food to illegals?
how about the 8 yr. old paper boy? Does he get fined for selling an illegal a subscription to the LA Times?

240 You may be fartzing round, ...but if all the illegals left, it would have a devastating effect on the economies of Cali, NM, Arizona and Texas. Absolutely devastating!

[Parker]

I didn't know it was illegal to rent to illegal aliens, I thought it was only illegal to hire them.

Does that mean a landlord is criminally liable for renting to illegals?
Are grocers criminally liable for selling food to illegals?
how about the 8 yr. old paper boy? Does he get fined for selling an illegal a subscription to the LA Times?

240 You may be fartzing round, ...but if all the illegals left, it would have a devastating effect on the economies of Cali, NM, Arizona and Texas. Absolutely devastating!

I guess one could say that renting to illegals is like "harboring" or aiding and abetting, kinda like giving  housing or aiding runaway slaves....hmmm

[Soul Crusher]

Its going to destroy the flophouse market. 

[Emmortal]

[drkaje]

Good!! The market will correct itself and lead to more affordable housing for Americans.

[George Whorewell]

LMAOOOOOOOOOOOOOO

Yes, I am sure there will be many tent and flop house foreclosures in light of the mass exodus of illegals taking place in Arizona.

I thought that bean pickers and pizza delivery guys couldn't afford new homes, let alone get mortgages?

I guess we are learning now that many of the illegals are really astrophysicists and engineers being hired illegally by NASA and GE. 

[The Showstoppa]

Well considering that about 100 live in a 2 br apartment, it really won't have as much effect as you might think...

And on the flipside, getting rid of the undesirables should cause REAL home values in AZ to skyrocket...

[kcballer]

Good point 240.  This can further cripple an already weakened housing market in AZ.  All of a sudden you have less demand and more supply, rent can't help but go down and landlords with highly leveraged mortgages can't help but eat that loss.  Add in declining prices (still) and you're looking at a potential worsening of the housing market in AZ. 

[Soul Crusher]

Good point 240.  This can further cripple an already weakened housing market in AZ.  All of a sudden you have less demand and more supply, rent can't help but go down and landlords with highly leveraged mortgages can't help but eat that loss.  Add in declining prices (still) and you're looking at a potential worsening of the housing market in AZ. 

  

[drkaje]

Good point 240.  This can further cripple an already weakened housing market in AZ.  All of a sudden you have less demand and more supply, rent can't help but go down and landlords with highly leveraged mortgages can't help but eat that loss.  Add in declining prices (still) and you're looking at a potential worsening of the housing market in AZ. 

Many of those homes were likely over-valued to begin with.

[kcballer]

Many of those homes were likely over-valued to begin with.

No doubt.  But that doesn't help someone who has a mortgage to pay and less people to rent to.  Negative equity has hit AZ especially hard and for those with rental properties this isn't necessarily good news.  Especially those who have a mortgage carried n two or more properties including their actual home. 

It could be much ado about nothing for a lot of AZ residents and renters, but it could be another blow to some and be the final nail in the coffin for them to walk away. 

[drkaje]

No doubt.  But that doesn't help someone who has a mortgage to pay and less people to rent to.  Negative equity has hit AZ especially hard and for those with rental properties this isn't necessarily good news.  Especially those who have a mortgage carried n two or more properties including their actual home. 

It could be much ado about nothing for a lot of AZ residents and renters, but it could be another blow to some and be the final nail in the coffin for them to walk away. 

Most change involves pain.

Ultimately it will still lead to increased affordable housing and a higher standard of living for American citizens.

[kcballer]

Most change involves pain.

Ultimately it will still lead to increased affordable housing and a higher standard of living for American citizens.

Uh increased affordable housing?  Seriously?  Housing is totally affordable right now and prices are still declining. 

What this does is knock more wind out of the housing/building market and further effect those with a vested interest in it i.e. AZ home owners.  When a majority of your net worth is tied up in your home do you really want it to continue to slide and create more of an overwhelming supply of housing than there already is?

[Soul Crusher]

Uh increased affordable housing?  Seriously?  Housing is totally affordable right now and prices are still declining. 

What this does is knock more wind out of the housing/building market and further effect those with a vested interest in it i.e. AZ home owners.  When a majority of your net worth is tied up in your home do you really want it to continue to slide and create more of an overwhelming supply of housing than there already is?

SORRY KC - NO ONE HAS THE RIGHT TO RUN FLOP HOUSES AND HOUSE PEOPLE 20 TO A ROOM JUST TO MEET THEIR MORTGAGE.   

[kcballer]

SORRY KC - NO ONE HAS THE RIGHT TO RUN FLOP HOUSES AND HOUSE PEOPLE 20 TO A ROOM JUST TO MEET THEIR MORTGAGE.   

Did i say they did?  No.  All i'm saying is that i agree this consequence may lead to further financial hardship for many AZ residents.  Especially those with rental properties already declining in value, they now have to fight for business in a dwindling rental population (if illegals all leave).  Basic economics 101 right there 333 when supply outstrips demand, prices go down.  I guess illegals weren't all bad huh? 

[Fury]

Uh increased affordable housing?  Seriously?  Housing is totally affordable right now and prices are still declining.  

What this does is knock more wind out of the housing/building market and further effect those with a vested interest in it i.e. AZ home owners.  When a majority of your net worth is tied up in your home do you really want it to continue to slide and create more of an overwhelming supply of housing than there already is?

Is the large number of illegals squatting 40 to a home in Arizona helping the home prices of those around them?  

Speaking of economics 101. A lot of Americans won't move to Arizona because of all the illegals, high kidnapping rates and other assorted problems. Nice way of killing demand. 

[kcballer]

Is the large number of illegals squatting 40 to a home in Arizona helping the home prices of those around them?  

Speaking of economics 101. A lot of Americans won't move to Arizona because of all the illegals, high kidnapping rates and other assorted problems. Nice way of killing demand. 

That's funny AZ has had net migration of US citizens for years.  That led to such high house prices because demand for property there was so great and lending rates so affordable. 

You won't move to AZ because of those reasons, but thousands upon thousands of Americans did leading up to the housing collapse. 

BTW the homes were overvalued and have declined because of an over supply and downturn in the economy not because of illegal immigrants. 

[Fury]

That's funny AZ has had net migration of US citizens for years.  That led to such high house prices because demand for property there was so great and lending rates so affordable.  

You won't move to AZ because of those reasons, but thousands upon thousands of Americans did leading up to the housing collapse.  

BTW the homes were overvalued and have declined because of an over supply and downturn in the economy not because of illegal immigrants.  

Yes, and the problem has only come to a head recently. Highest kidnapping rate in the world. Illegals squatting 40 to a home, etc, etc. Not a single one of those problems is good for the value of a home.

You think I'm the only American who won't move there for those reasons? What a fairy tale world you live in. If even 10,000 are put off by it, then that means the illegals are lowering demand for houses in Arizona. And I would bet that it's a lot more than 10,000 who won't move there for those reasons. Let's go with 1,000,000 (of this country's 300,000,000) for the sake of a number. That's still 1,000,000 potential legal American citizen home buyers who now won't move to Arizona. 

Economics 101. LOL.

[kcballer]

Yes, and the problem has only come to a head recently. Highest kidnapping rate in the world. Illegals squatting 40 to a home, etc, etc. Not a single one of those problems is good for the value of a home.

You think I'm the only American who won't move there for those reasons? What a fairy tale world you live in. If even 10,000 are put off by it, then that means the illegals are lowering demand for houses in Arizona. And I would bet that it's a lot more than 10,000 who won't move there for those reasons.  

Economics 101. LOL.

Oh BF your hatred knows no bounds.  I would ask you to prove your statement (thousands wont move there because of illegals) but you can't so you wont.

I like how you think illegals leaving will mean Americans will fill there place haha.  Yes that's exactly what will happen.  Millions will go because then there won't be illegals  causing house prices to rise again and stopping the slow crushing collapse of an overpriced, overvalued asset. 

How fun it must be to have such naive thoughts.  Almost childlike innocence really. 

[Fury]

Oh BF your hatred knows no bounds.  I would ask you to prove your statement (thousands wont move there because of illegals) but you can't so you wont.

I like how you think illegals leaving will mean Americans will fill there place haha.  Yes that's exactly what will happen.  Millions will go because then there won't be illegals   causing house prices to rise again and stopping the slow crushing collapse of an overpriced, overvalued asset.  

How fun it must be to have such naive thoughts.  Almost childlike innocence really.  

Give the accusations of hatred and racist insults a fucking rest for once. My contempt for an oppressive geo-political ideology that seeks to subjugate me to the laws of a 1400 year old book that I am not a believer in is not racism, hatred nor bigotry. It is no different from someone hating fascism. As for the Hispanics? Please? Not wanting to give amnesty to the millions of benefit leeching illegals in this country, when it's on the verge of economic collapse as it is, is not hatred. I don't have the entire group of Mexicans, Hispanics, South Americans or w/e the fuck you're hanging onto. In-fact, I respect the work ethic of many of these people and have no problem with them coming here LEGALLY. The funny thing is that I would bet I've spent more time over the last few years volunteering a few hours of my week at hospitals or other places with large Hispanic presences, Mr. Faux-Human Rights Crusader.

I like how you think illegals leaving doesn't mean Americans will fill their place. See how I substantiate a stupid claim just like you do? Fact of the matter is that if any number of Americans refuse to move to Arizona because of the illegals, then the illegals are effectively responsible for stifling demand for houses in Arizona. "Economics 101". It's a double-edged sword but I doubt you'll admit that as you think you're a human rights crusader when you're not.  

You really are incapable of substantiating anything you argue. You end up making sweeping claims, devoid of evidence, and then result to personal insults and cries of racism whenever someone doesn't agree with your fairy tale ideals. It's pretty pathetic, to be honest.

[kcballer]

Oh BF always playing the victim.  I didn't call you racist or a bigot.  I said your hatred knows no bounds.  Why do you always play those victim cards?  Sad really and again utterly child like.

[Soul Crusher]

Oh BF always playing the victim.  I didn't call you racist or a bigot.  I said your hatred knows no bounds.  Why do you always play those victim cards?  Sad really and again utterly child like.

As opposed to who?  You?