Blog Post
Housing Prices Drop in Arizona As Latinos Leave State
Arizona housing prices dropped 2 percent in July, the largest fall since prices collapsed in 2008. Prices had been steadily recovering over the last year until June, a month after passage of anti-immigrant legislation. The Arizona Republic reports that
There… is concern that Arizona’s new immigration law will cause more legal and illegal residents to leave the state and that many may leave behind homes that will end up in foreclosure. “Demand for housing is directly related to population,” said Ruff, the Information Market analyst. “If there’s an exodus due to SB 1070, expect home prices and sales volume to drop dramatically.”
With both documented and undocumented immigrants leaving the state, putting thousands of houses up for sale, and with Latinos increasingly unwilling to move to Arizona, local real estate experts anticipate that the slowdown will last at least two more months.
Tags : arizona, arizona boycott, sb 1070
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