Article : InvestingFREE SIGNUP

US Housing Marketing is Sinking Due to Immigration Crackdown

The experts have observed the patterns of real estate market. It is concluded that the residential property relies on immigrants whether they have to buy a new home or have to build it. Immigration restriction has shaken the market. Many housing markets have already felt the effects, as immigrants are backing off from buying homes or property. Markets such as Silicon Valley, San Francisco, Miami, Los Angeles and New York are at biggest risk because of the concentration of foreign buyers.

According to the news, In San Francisco, the Indian Software engineer who is currently on the work permit does not bid on $900,000 home while a 24-year boy, who is a Mexican immigrant got a green light from thebank for amortgage but they all fear deportation any time.

The policies of President Donald Trump have threatened and will surely break the foundation of the economy or the residential market. It is true that immigrant no more feels welcome in home buying because optimism is necessary for purchase.

Juan Rodriquez, who is a 24-year boy now said that he moved to Mexico with his parents when he was just 7 years old, but the one stroke of President signature feels like everything is taken away including the hard work. However, he is working full time while getting the college degree.

President Barack Obama who is known as the hero of hearts has protected immigrants like Juan Rodriguez as dreamers. Even the undocumented Americans also got aplace in the American society. Trump administration proposed a detailed plan on Tuesday which clearly states to sweep out all the undocumented immigrants without a court hearing. According to authorities, many people will be deported.

Under the rule of Obama, Government focuses on finding guilty people of violent crimes while Trump is focusing on the fraud with the belief that residents will threaten public safety. The workers who are working under a work permit and living with green cards under theH1-B program are also worried because of the restrictions proposed by Trump. Miami, Los Angeles, New York, San Francisco, and Silicon Valley housing markets are at high risk.

The panic was created when the Trump administration indicates the travel ban on Muslim countries, have planned to exempt the dreamers and proposed immigration raids.

The policy analyst Alex Now rasteh said, “If Trump succeeds to get the immigration plan according to his demands, and then the housing market will surely get at biggest risk. Through this immigration plan, millions of people will be deported, and many people won't be able to fill the gap. The prices of home will be under pressure merely in urban areas.”

The immigrant housing market is always underappreciated because companies do not cater undocumented workers. Many of the small firms prefer to take security from the undocumented immigrants with high-interest rates.

Undocumented homeowners in the US

According to the statistics, at least third of 11 million immigrants are unauthorized who are living in US homes, owned by their friend or any other family member. Even most of the lenders are nervous and focus on mortgages for undocumented immigrants and dreamers. Las Vegas Based Alterra Home Loans Company President Jason said that “we proceed very cautiously while passing the loans for homes.”

Increase in demand

The housing demand is increasing at a rapid rate. The baby boomers replace Immigrants and retire from the labor force. The Economist Jacob Vigdor said that the country owns 40 million immigrants who make a total housing wealth of $3.7 trillion. In the countries of origin Houston, the value of a standard home is boosted by newcomers to a value of $25,000 during 2010. If the immigrant plan comes to a halt, then descendants and the future immigrants will account for US population which will increase a88% making 103 million people from the year 2015 to 2065.

Trump is showing friendly attitude toward Vladimir Putin, Russian President. It is because that Russian clients are negotiating on home purchases in Miami and New York. However, groups targeted by Trump, now make conversation more about politics.

Panicked Buyers

Many immigrants are earning well, but their valid visas are also at significant risk. The software engineer of Silicon Valley from India gave up on buying the house because Trump had rattled him and his wife. Seven years before he moved to the US and decided to own a home after marriage. The couple owns H1-B visas; a legitimate program which companies and other technology firms rely on to hire at least 85000 people every year. However, they are worried because they do not know what news will affect their jobs directly.

Nomita Shahani who is a real estate agent said that “every morning she has been called for related cases. Trump is making it tough for the companies to hire people overseas, which will hit the housing market as well.”

Immigrants who will marry any immigrant or the US citizens are also losing faith just like a Brazilian lady who is married to an American, but his husband is just six months away from getting a permanent green card. However, after the travel ban, she abandoned to invest all her life savings to get a home.

 LoudLister :: a Social Real Estate resource and offer engine