Arizona immigration law could lead to increase in foreclosuresLatinos in the state may opt to move away, while others will be less inclined to relocate there.
Many consumers in Arizona have tried to avoid foreclosure on their homes, as the recession created hardships in the state's home and loan market.
However, a new immigration law approved by Arizona could actually lead to an increase in foreclosures, according to a recent report from the Arizona Republic. The newspaper noted that the law could cause many Latino residents to leave, while dissuading new people from moving in.
"Departures from a state where growth is the economic foundation could add to the number of foreclosures and vacant houses and apartments, all of which will hurt the housing industry just as signs of recovery are starting to appear," the Republic said.
Similar regulations that imposed sanctions on employers who hired illegal immigrants lead to areas with a higher Latino population seeing an increase in foreclosures. Even those who are in the state legally may opt to leave the state because of the new immigration law.
A recent report from RealtyTrac noted that Arizona posted the second-highest foreclosure rate in the country in May, with one in every 169 properties facing a filing
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