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Latino Daily News

Monday June 14, 2010

Arizona Housing Market on Watch for Foreclosure Increases

On July 29th SB 1070 will be in effect in Arizona and the housing market is holding its breath to see the effects this controversial law will have on its recovery.  Several hundred thousand undocumented individuals live in Arizona and many of those are home owners but exact numbers are not known.  In 2008 the Department of Homeland Security calculated that 100,000 undocumented persons left Arizona resulting in a rise in foreclosure rates and apartment vacancies mostly in Hispanic communities.

Housing experts anticipate an exodus of illegal residents due to the passing of SB 1070 but do not know how many legal residents will leave and how many will be deterred from coming to Arizona to live.  The Arizona housing market has been making a slow recovery since last year. 

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