Texas Real Estate Slump Lets Mexicans Take It Back

[w¡n9Nµ7 §£@¥€r 123]

A rising peso and an economy growing faster than the U.S. have given some Mexicans the buying power to take advantage of the housing slump in Texas, which the U.S. annexed in 1845 after Texans gained independence from Mexico nine years earlier. A three-year war followed and ended with Mexico ceding about half its territory, including Arizona, Nevada and California, to the U.S. under an 1848 treaty.

...

Marco Ramirez of McAllen, Texas, is among those trying to sell foreclosed Texas homes to Mexicans. Ramirez's company, called Now! Co., has bought 32 Texas properties and has options on 88 more. His best prospects are Mexican buyers, especially in Monterrey, 150 miles from the Texas border, he said.

...

"Many of these people have children who are studying in the U.S.,'' Ramirez said. ``They've been renting or leasing and now it's a great time to buy.''

...

Mexicans with money to invest believe the time is right to buy, Ramirez said. "These are very sophisticated businessmen,'' he said. "They realize what's going on in our country. Everybody needs cash right now and Monterrey has lots and lots of cash.''

Victor Gonzalez, 48, who owns a Monterrey print shop that employs 40 people, wants to use his savings to buy a $250,000 house in a gated community in the South Texas community of Mission.

...

Gonzalez said he plans to turn over the shop to his children in five years and retire to Mission, where the traffic is lighter and the crime rate lower.

The only requirement for foreigners purchasing residential and commercial property in the U.S. is a valid visa to enter the country, said Jose Cuellar, a realtor with Houston-based Cornerstone Mortgage Co. who caters to Mexican clients.

Raul Fabela, owner of McAllen, Texas-based Construction, Ltd., came to Monterrey looking to sell 42 rental properties of four apartments each, double his normal inventory of available properties. U.S. buyers have dried up, he said.

...

He said 26 people filled out credit applications in Monterrey. "It turned out a lot better than we thought.''

http://www.bloomberg.com/apps/news?pid=new...id=alUJZgGm4GUI

[Pinocchio Liberal 268]

Dude do you ever take a break?

[eric&gen 0]

are the Mexicans legal?

[w¡n9Nµ7 §£@¥€r 123]

are the Mexicans legal?

From the original article, found via following the provided link:

The only requirement for foreigners purchasing residential and commercial property in the U.S. is a valid visa to enter the country, said Jose Cuellar, a realtor with Houston-based Cornerstone Mortgage Co. who caters to Mexican clients.

[pedroh 21]

are the Mexicans legal?

no dude.. ALL mexicans are illegal..

dah

[w¡n9Nµ7 §£@¥€r 123]

are the Mexicans legal?

no dude.. ALL mexicans are illegal..

dah

Being Mexican has been declared to be evidence of moral turpitude. Waivers are not available.

[pedroh 21]

are the Mexicans legal?

no dude.. ALL mexicans are illegal..

dah

Being Mexican has been declared to be evidence of moral turpitude. Waivers are not available.

[almaty 19]

are the Mexicans legal?

no dude.. ALL mexicans are illegal..

dah

lol... a well known fact on vj....

[HAL 9000 96]

First illegals maintaining US companies'profit margins and now this...

[mawilson 2,133]

A rising peso and an economy growing faster than the U.S. have given some Mexicans the buying power to take advantage of the housing slump in Texas

If their currency is so strong and their economy is so great, why are they buying homes in Texas?

Why not stay in Mexico, the bestest strongest country in the world?

[w¡n9Nµ7 §£@¥€r 123]

A rising peso and an economy growing faster than the U.S. have given some Mexicans the buying power to take advantage of the housing slump in Texas

If their currency is so strong and their economy is so great, why are they buying homes in Texas?

Why not stay in Mexico, the bestest strongest country in the world?

For the same reason all that Eurotrash is descending on Manhattan?

Because they recognize that is a mere blip in American economic strength and that they should grab these "deals" while they last!

Edited June 26, 2008 by VJ Troll

[pedroh 21]

A rising peso and an economy growing faster than the U.S. have given some Mexicans the buying power to take advantage of the housing slump in Texas

If their currency is so strong and their economy is so great, why are they buying homes in Texas?

Why not stay in Mexico, the bestest strongest country in the world?

For the same reason all that Eurotrash is descending on Manhattan?

Because they recognize that is a mere blip in American economic strength and that they should grab these "deals" while they last!

yea buying for selling laterzzzzz

if the economy ever recovers if not it's still a good investment.. mexicans with that amount of money travel to the states a lot..so they have a place to stay

[w¡n9Nµ7 §£@¥€r 123]

if the economy ever recovers ...

Of course it will recover. All bubbles eventually pop and all recessions/slowdowns eventually lead to recovery.

[mawilson 2,133]

A rising peso and an economy growing faster than the U.S. have given some Mexicans the buying power to take advantage of the housing slump in Texas

If their currency is so strong and their economy is so great, why are they buying homes in Texas?

Why not stay in Mexico, the bestest strongest country in the world?

For the same reason all that Eurotrash is descending on Manhattan?

Because they recognize that is a mere blip in American economic strength and that they should grab these "deals" while they last!

In that case, now is not the time to buy - the real estate market hasn't bottomed out yet.

[w¡n9Nµ7 §£@¥€r 123]

In that case, now is not the time to buy - the real estate market hasn't bottomed out yet.

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