Owning your home is the American Dream. Nearly everyone shares the dream, and wants a piece of land and a home they can call their own. And it's not just us citizens. Since the birth of this nation and before, people have come from all over the world to make this their home. And they keep coming. And that's what makes this a great country and will keep America great.
People come here for education, working opportunities, and to buy real estate. They come to create a better life. For every job an immigrant takes, they create two or three jobs, because of the velocity of money. When they spend their money on goods and services, the providers of the goods and services have money to spend and so on. When an immigrant buys a house, the seller can then buy another house, and so on.
The first time home buyers market is where it all begins. When they buy, the seller can move up to another home. During the boom, immigrants made up a huge portion of the first time buyers. But things have changed in the last couple of years. Congressional debate on immigration legislation caused many immigrants to stop buying for fear of being deported and losing their property. In addition, it's now more difficult for immigrants to get mortgage financing. It's no coincidence that the housing downtime occurred during this time.
We need more immigration, and to find ways for those new to our country to buy real estate. Our housing market, and in fact our whole economy depends on it.
Our diversity is our strength. Happy Independence Day!
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