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Mortgage Default Notices Down 43 Percent in California Posted: 23 Jul 2010 03:41 AM PDT Some good news for the California real estate market came out, mortgage default notices for the 2nd quarter of 2010 are down 43.8 percent. That is great news as the pressure of foreclosures on the housing market has been weighing down the California real estate market.
There are a few reasons for the reduction in default notices, but they are all good ones for the industry. First, banks cut way back on subprime mortgages which means the quality of the loans out there has improved. Add into the equation an active housing market in the 2nd quarter with the home buyer tax credit to provide activity in the market and an uptick in the economy you can see why people were more secure in paying their mortgage on time. What the next challenge for the real estate industry is now in California is how the economy does. Unemployment and underemployment is the challenge that the people will face when it comes to paying their mortgage. If the pressure from foreclosures hitting the market lessens housing prices will stabilize and people will trust the market.
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E-Verify Coming To a Construction Site Near You Posted: 22 Jul 2010 05:39 AM PDT E-Verify, the government program designed to determine if an employee is legally able to work in the United States, is about to be required at all city run job sites in Denver if a bill passes the City Council. I bet it is meeting a great deal of resistance by every construction contractor in Denver. Resistance mixed in with a little fear. Because we all know that the language of the construction site has turned to Spanish over the past decade. When construction companies large and small started getting overwhelmed with demand around the turn of the century the workers they found were illegal aliens. These employees worked hard, showed up on time, and were inexpensive. The nature of construction with lots of subcontractors allowed illegal workers to fly under the radar screen when it came to residency checks. Now that we are in a deep recession with 10 percent unemployment legal residents want these construction jobs, the City Council of Denver is getting pressured to stop illegal aliens working on their construction projects. The way to do this is implement the E-Verify system.
This is a testimonial to our failed immigration policies. We in the United States have a variable labor market. Just 5 years ago we had full employment plus a huge demand for additional labor. The boom in construction created the need for additional workers and illegal aliens filled that need. If we had been honest and developed a guest worker program that could manage these people and remove them from the shadows, we all would be better off. With unemployment around 10% and jobs being scarce, we really have no understanding of how many illegal workers are here. Even if we pass immigration laws, the shadow market will remain as employers will try to maintain the low wages of illegals and those illegals will remain in the shadows so they do not lose their jobs to legal residents. Immigration is a mess and the construction and real estate world is knee deep in it. However, I am glad to see Denver taking a stand. The quicker we get legal residents working the quicker we will get out of the this recession. Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published. E-Verify Coming To a Construction Site Near You Related posts:
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