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Description: Latest reason housing rebound is supposedly right around the corner: immigrants - "assuming Congress doesn't impose further restrictions." AP article uses anecdotes from Billerica and Boston suburbs.
URL: http://www.thebostonchannel.com/money/13782341/detail.html
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1045

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[Guest]

This article is complete spin! They think immigrants will save the housing market, well take a look at this paragraph and see why its going to make things worse:

"Patricia Ortiz and her husband Sebastian cut back on dining out, nights at the movies, and even opted for a civil wedding ceremony instead of a big church affair so they could afford to buy their $389,000 three-bedroom colonial.

Patricia Ortiz and her husband took out an adjustable-rate mortgage to buy last year in the Boston suburb of Billerica, figuring the risk of seeing their current $3,000 monthly payments rise is offset by the value of having a place they and their newborn daughter can call home.

"Once you take the jump, you find ways to make it work," said Ortiz, 31, a supervisor at a dental insurance provider and a naturalized citizen. "But it's always in the back of my mind that if I don't make it, I am going to have to pack up and go back to Panama. You kind of feel like you have to strive for everything you do."


Also note that they wrote about this article now but the homeowners they talk to bought LAST YEAR when leading for these ARMs were easier to get. Good luck getting that now.

[admin]

[AgentGrn]

It's definitely a feel-good piece about the market ... the spin may be coming from the paper itself since it's got all that prime advertising revenue to keep earning.

For me, I have a tough time thinking of naturalized citizens as immigrants. This country is a huge melting pot of citizens, and at the root, we're almost all immigrants. Once you naturalize, you're American. That's it. And the issues affordability are very real for most of us.

I'm not alone in thinking of immigrants as the illegals that have been swarming almost all parts of the country. And there's no way they are going to be able to prop up the market.

That said, I have to wonder what the wider economic impact of this particular couple's decision is when a lion's share of their income is going into their residence and for keeping it up. None of that goes back into savings, or keeping the economy humming along.

[admin]