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Why Trump’s immigration crackdown could sink U.S. home prices

Posted by   /  February 23, 2017  /  No Comments

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Courtesy Bryan Cox/U.S. Immigration and Customs Enforcement via REUTERS

By Prashant Gopal | Bloomberg

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.

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