Housing is stalling out and while it's not the single most important driver, one thing housing usually gets a boost from is legal immigrants who are granted U.S. residency buying homes in the United States, Bloomberg reports

As the housing recovery nationwide sputters, the story of Dayton reveals a reason why: the U.S. market is missing the sales jolt provided by immigration. Last year, the number of immigrants granted U.S. residency — typically a requirement to get a mortgage — hit a nine-year low, according to government data. Immigrants, deterred by a weak American labor market since 2008, aren’t likely to get encouragement from Congress, where support for a reform bill has mostly evaporated.

“Immigrants have a drive to become homeowners that surpasses even native-born people, and that gives them a magnified impact on home sales,” said Chris Herbert, research director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts. “No one knows how many immigrants will be arriving in the next few years because it depends on what the economy does and what Washington does.”

Near the end of the housing boom in 2006, about 1.26 million immigrants attained permanent U.S. status, the most since 1991, according to government data. That number declined to 1.05 million in 2007 as the financial crisis began to unfold and tumbled to 991,000 last year.

Most Popular Articles

Is the U.S. in a housing bubble?

“Unlike the bubble years, purchase application data, existing home sales, new home sales, housing starts and the lack of cash-out refinancing all point to slow and steady growth.”

Jan 28, 2020 By

Latest Articles

Mr. Cooper shuttering Oregon office, laying off 301 employees

Mr. Cooper (the company formerly known as Nationstar) is shutting down a Beaverton, Oregon office location that was part of the Seterus acquisition and eliminating all 301 positions at that location.

Jan 29, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please