Immigrants boosting US housing sales
Fall in newcomers has been a drag on real estate recovery
[BOSTON] After decades of factory shutdowns and population loss, the city of Dayton, Ohio, has found a fix for its housing market hard-hit by foreclosures - immigration.
The rust-belt city of 140,000 has been encouraging immigrants from Mexico, Nigeria and Turkey to move there since 2011, after its population hit a 90-year low, by offering to help with resettlement and starting businesses. Dayton's foreign population grew and so did its housing sales, rising last year at almost twice the national rate.
As the housing recovery nationwide sputters, the story of Dayton reveals a reason why: The US market is missing the sales jolt provided by immigration. Last year, the number of immigrants granted US residency - typically a requirement to get a mortgage - hit a nine-year low, accord…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
DBS puts 46 retail units, HDB shops on market for S$210 million
US mortgage rates jump above 7% for the first time this year
Far East Shopping Centre back on market at unchanged S$928 million asking price
London mansions sold at 30% discount spell gloom for luxury market
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases