Pursuits
Why Trump's Immigration Crackdown Could Sink U.S. Home Prices
- Newcomers, legal and not, fuel growth in real estate market
- ‘Everything can be taken away,’ an undocumented worker fears
How Will Immigration Crackdown Impact Housing Market?
In San Francisco, an Indian software engineer on a work permit canceled plans to bid on a $900,000 home. In Washington, a Brazilian nonprofit executive passed on a fixer-upper near her office. And, in Mesa, Arizona, a 24-year-old son of undocumented Mexican immigrants won the trust of a bank -- a green light for a mortgage -- but now fears deportation.
President Donald Trump’s immigration policies threaten to crack a foundation of the American economy: the residential real estate market. Legal and otherwise, immigrants, long a pillar of growth in homebuying, are no longer feeling the warm welcome and optimism necessary for their biggest purchase.