Immigrants buying in groups

[FormerOwner]

In my neighboorhood, I’ve noticed some changes during the last few years. The demographics have changed – many more minorities now. Also, the number of people per house appears to have increased quite a bit. I found this excellent article that I think might explain what is going on. This is HUGE:

http://housingbubblecasualty.com/forum/index.php?PHPSESSID=8ccc3e26bc8b4a2feb74909ecd862b4b&topic=39.msg211

If this is really one of the major things keeping the housing prices up, it shows how out of control the So Cal housing market has really gotten and how risky it has become.

[FormerOwner]

Here’s the link:

Buying in Groups

[rseiser]

Yes, similar as in the equity markets: “Foreigners are always the last to buy, right at the market tops.” (from Tomorrow’s Gold by Marc Faber)

[PD]

There is a small area between Imperial Beach and the freeway where every house has bars on the windows and every available parking space is filled. The driveways overflow with vehicles and they line the streets. I have never seen so many cars in a residential neighborhood before. The houses are all 3/2 or 4/2 dumps from the early 80s and they are selling for about 500k.

[Bugs]

They call that area “Nestor”. That’s another area that could have a lot of potential in the future.

[EJ]

I though I remember reading that there was a law limiting the number of people who are not immediate family that can live in the same home, based on the number of rooms. Is it just not being enforced? I believe there was some protest about the law being biased towards minorites.

[picpoule]

This is exactly what I thought would happen in So Cal. Poor immigrants pooling their resources and cramming multiple families into a single household. This could keep housing prices up in So Cal. Unless, of course, the local authorities decide to enforce the zoning laws.

[tucker…]

i agree. a lot more cars, but not every house is a dump. i have seen  a few nice renovations, and condo conversions, also a few brand new houses . But at night it really smells bad , from imperial beach ,the wind travels to the nester area and rots there,like a sewer! im serious .   No bars on my rental dump. i have 3 dogs and a big back yard full of crab grass. this area is full of border patrol, and has poor education schools. this area is ok to raise a family but i dont see a turn around in the near future.

[Author]

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