Foreclosures on single family and multi family homes in Arizona could surge again due to the new immigration law. The new law coded SB 1070, which will take effect on July 29, was designed to drive out illegal immigrants, but analysts say it could also push out other legal residents and could deter out-of-state legal residents from pursuing their plans to relocate to Arizona.
Either these out-of-state legal residents oppose the legislation or they support the new law but figure that the housing market does not have strong prospects because of the projected decline in population.
Based on estimates, there are several hundred thousand illegal immigrants in Arizona, so when all these people leave the state, vacancies in single-family and multi family homes would certainly spike.
Since a high number of undocumented aliens also have acquired homes through loans, Arizona foreclosure listings are also expected to surge. Illegal aliens cannot be granted loans, but housing advocates said that plenty of undocumented people were able to get mortgage loans. During the housing boom, lenders and brokers skipped documentation in many cases in their eagerness to earn interests and commissions.
In May, both foreclosure filings and completed foreclosures increased in Arizona after declining in April. With 6,112 housing units entering bank listings in May, people planning to find foreclosures for sale can find them more easily in Arizona. The more than 16,000 foreclosure actions filed in the state during the month are expected to increase as more aliens leave Arizona.
In 2007, when the state imposed sanctions on employers who hire illegal immigrants, there was also a spike in foreclosures. The effect was most felt the following year, as over 100,000 illegal aliens left the state, leaving large numbers of apartments vacant and homes in foreclosure.
With more and more people leaving the state as SB 10170 nears it date of implementation, more single-family and multi family homes are expected to become vacant or foreclosed.
Author Resource:-> Original Post: Foreclosures on Arizona Multi Family Homes Could Spike Again on BankForeclosuresSale.com.
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