Printed title of this article: Immigrants leaving as jobs vanish Workers who two years ago barely kept up with the frantic building pace now pray to find any work. The lack of steady income has reached a crisis point as workers -- mostly immigrants from Mexico and other parts of Latin America -- run out of money, say community advocates in Apopka, Pierson, Haines City and Auburndale. Though some workers are leaving for other parts of the United States, some are returning to their home countries -- their lives shattered by debt, foreclosures and repossessions. "This is something that is very painful for families," said the Rev. Jorge Torres Vergara, a Roman Catholic priest who ministers to a large Hispanic congregation at St. Ann Catholic Church in Haines City. "There are people who are losing their homes and do not even have money for gas." Orlando Sentinel 2/29/08 http://www.orlandosentinel.com/community/news/apopka/orl-hispworkers2808feb28,0,528085.story
THEIR lives shattered by debt, foreclosures and reposessions? WHAT ABOUT THE FUCKING CREDITORS THEY SCREWED OVER?
I have no sympathy whatsoever for an immigrant OR an American "native" who was dumb enough to sign for a house that was worth more than 10 times their annual salary AND gave them a $20,000 signing bonus. Sorry, I don't give a shit. Let 'em move back in with whoever they were living with prior. Those of us who carefully planned our fiscal lives shouldn't have to pay another stinking cent to bail out others just because they don't know how to balance a checkbook.
FUCK the creditors... if they didn't have shit for brains, they wouldn't have gotten dicked hard... Lender beware...
Purpose of posting that article was to provide objective evidence of something I have suspected for a while - After the fiasco last year regarding amnesty for illegal immigrants, many of them left. They made their money, took it with them, and bugged out. Its a demographic issue - less people = less demand = deflationary. I am not saying this is a cause of the whole RE mess, but it is occurring parallel to it and certainly does not give support at the low end of the market. It does have significant implications for Lat Am as the remittances sent home from illegal US workers have been an unofficial foreign aid program. That is about to stop. What will the effects be on Lat Am markets?
You are 1/2 mistaken, creditors set the trap & have stepped right into it in an attempt to make more $ off people with low credit history/score. We have to assume that most banks were into sub-prime as it was a trend thing to do, so let's just hope that there are no majors in similar troubles as Northern Rock over here in the UK.