Foreign Interests To Buy Up Our Homes
Taking advantage of the foreclosed home glut, it would appear unnamed overseas entities are attempting to gain a foothold, not just in our economy, but soon in our neighborhoods.
There's a new land grab starting in America.
Foreign money, which up to now has focused its attention on investing in iconic commercial real estate – like Barneys New York and the Chrysler Building – is now moving to scoop up tens of thousands of discounted foreclosed homes across the country.
This has an ominous feel to it.
This may also redefine the word "gentrification" as we currently know it.
One sovereign fund, said to have earmarked $29 billion to purchase foreclosed residential real estate, recently hired a West Coast mortgage broker and is starting to search for bargains, The Post has learned.
The search, which is being carried out, in part, by Field Check Group mortgage consultant Mark Hanson, who was retained by the broker, Steve Iversen, is concentrating on single- and multi-family REO (real estate owned) homes, or homes that have already been taken over by the mortgagee.
We've seen what's happened in many parts of the world. As foreigners move in, foreigners with no intention on assimilation, tensions build with the host nation bowing to political correctness and a fear of being labeled intolerant and/or racist.
The customs and laws of those nations become intertwined, and the serious task of retaking of the host society and its traditions becomes more murky.
Isn't this something our elected officials in Washington D.C. should be looking into?
Sorry, I forgot. They're on vacation.
Besides the shortsighted economic benefits many may see here, what happens when these "unnamed" homeowners start making the traditional demands on how their American neighbors must take down Christmas decorations, ban Halloween, and remove anything that offends them?
While I am all for free trade, land is normally considered the most valuable thing anyone can have. If we allow our land to be bought up in ways the suspiciously unnamed buyer nations would never allow, just what kind of America will emerge?
I don't think it'll be one we like.
August 10th, 2008 at 1:21 pm
Wait.
Then, Nationalize.
Of course, that would mean getting rid of the invertebrates inside the beltway first.
August 10th, 2008 at 5:12 pm
I had this fear when the Arabs in Dubai wanted to buy our ports. Yes, this could get real ugly.
August 12th, 2008 at 2:42 pm
These were the same fears many had when the Japanese were buying things in the eighties. Turns out they were investing in America.
Though it would be a good idea to find out the intentions of the buyers.