More on the Immigration Driven Real Estate Bubble
May 28, 2007, 06:16 PM
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A reader recently sent me this link that reports decreasing sales of existing homes and another that reports increasing sales of new homes. Now, what is going on here? Well, I expect a lot of those existing homes are either in areas that are getting a lot of recent immigration(i.e. California) or areas in which economic opportunities are being curtailed via mass immigration.

Immigration is a funny thing, short term, it can prop up real estate prices by cramming more people into a given area, but longer terms, those areas get unlivable—and those that can leave(as the case of California shows).

I suspect the recent attempted Kennedy/McCain/Bush immigration expansion is largely an attempt to prop up real estate prices in specific areas like the East Coast, California and South Florida.