A growing number of U.S. immigrants are pursuing the American Dream--but not in America. High prices, foreclosures and tight credit has resulted in some immigrants looking to their country of origin to find the better life they came to the U.S. to pursue. Latin American developers are increasingly targeting nationals living in the U.S. who, with their U.S. wages, can afford much more than when they lived in the country. Each year an estimated 5% of U.S. immigrants invest in a home in their country of origin, according to a 2005 survey by The Inter-American Dialogue.  Many immigrants are unable to qualify for a home loan in the U.S. so they send money home to relatives who oversee the home's construction. Increasingly,developers, private lenders and governments are making it easier for immigrants to buy directly. This comes at a good time for immigrants as in 2007 total remittances to Latin America and the Caribbean reached $65.5 billion, however, the growth rate has slowed and, in some countries, is in decline. A 2008 poll by the Inter-American Development Banke (IDB) found that only 50% of respondents were still sending money on a regular basis to their families, down from 73% in 2006. IDB reports that the Dominican Republic's government allows immigrants to apply for up to $10,000 for down payments. Mexico's mortgage lender Su Casita had loaned about $66 million in mortgages to 1,420 Mexican immigrants in the U. S. since early 2007. El Salvador's government began coordinating housing fairs in the U.S. in 2006 to minimize fraudulent contractors, attracting more than 4,000 Salvadorans to date.

While U.S. sales continue to slow, real estate professionals can grow their business by offering services to assist immigrant clients purchasing properties outside of the U.S..

 
Post is included in group: Certified International Property Specialists
Post is included in group: !!VIVA MEXICO!!

1 Comments on American Dream In Reverse?

Sharon, great post.  This is the information that spurred my current game plan.  It is unfortunate that many of these people are not able to buy here locally.  I run into these types of people everyday.  Imagine how our sales would increase if they would buy here, as that is their first choice.  I am creating a program that is already showing promise.  Through this group, I plan to share my experiences and teach others what I do.  Once again, great post!

07/18/2008 12:15 PM by Jose Gonzalez (Tu Casa Real Estate)


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Real Estate Agent: Sharon Staley (Coldwell Banker Residential Brokerage)
Sharon Staley
Atlanta, GA
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Coldwell Banker Residential Brokerage

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