Foreclosures a trojan horse into america

I was talking to a guy at work about the number of foreclosures out there. I couldn't listen to the program but they were talking about foreign investors starting to buy up many of the foreclosed properties. This is not new as many recall concern when Japanese were doing this a few years ago.

Anyone else feel foreign investors should not be allowed to buy US property? Maybe I'm just paranoid about it.

Let's say some terrorists buy some homes to provide cover to those that have entered country illegally- thus no credit checks...nothing required. They simply show up next door.

reply to post by BlackProjects

Anyone else feel foreign investors should not be allowed to buy US property?

Any investor that buys a foreclosure is doing it for profit because he thinks he can buy it at a discounted price, fix it up, possibly rent it in the meantime and sell later for a profit.

It brings money into the economy, eliminates the need for government bailout and the resulting higher taxes. And reduces the risk of recession. They invest in our economy buy buying our building materials and hiring our labor.

If you bought real estate in a foreign country wouldn't you then wish for good economy in that country so you don't loose your investment?

Apparently the foreign investors see light over the horizon and believe in a real estate recovery.

There is not that much downside really.

Here is some recent data
www.realtor.org... &CACHEID=d09a37004abe5d798e538ec3e1508f4c

I guess my concern was/is it is possible for those abroad to purchase homes and house anyone they want..tax paying citizens or not. I know banks have a big deal about indentification now in post911 era. By not establishing credit and going thru mortgage process..this remains a open loop for terrorists.

Yes for the most part they do view it as investment

By not establishing credit and going thru mortgage process..this remains a open loop for terrorists

reply to post by BlackProjects


I hadn't thought of using the property as a safe house for their spys and terrorists. Anyone with the money could do that, I suppose. Or they could take a fake name or borrowed identity, pay cash for the house and move in a dozen terrorists.

Yeah my realtor said about one out of every 300 homes is now in foreclosure. She said houses range from mansions to shacks. Looks like a shotgun blast on a map. It is too bad that people were duped or took chances on buying more thn they could afford.

There is one down the street from me. I'll be keeping an eye on who moves in.

Any financial transcation over a certian amount ($7,500US?) must be reported to the US Treasury Depaertment, I believe.

The US Treasury just happens to operate the Secret Service, which, as you might imagine, works very closely with the Department of Homeland Security.

A would-be terrorist would be a complete fool to raise any "red flags" at one of these agencies by paying cash for a foreclosed property.

And anything one might purchase for less than $7500 could hardly be called a "safe" house!

reply to post by Bhadhidar

A would-be terrorist would be a complete fool to raise any "red flags" at one of these agencies by paying cash for a foreclosed property.

Hi Bhad,

The terrorist wouldn't be a fool so he would simply steal someone elses identity and register the property in a faulse name. Terrorists are getting smarter all the time!

I don't know if it is a trojan horse. Maybe.

But I do think that this whole ramp up in speculation in the real estate industry was engineered at the highest levels of the US Government to distract the American People from the War in Iraq, and the mass amount of civil rights being violated here at home. For a while, the real estate speculation was the only thing that prevented total economic collapse after 9-11. The added benefit of the Real Estate speculation to the establishment is that it has stripped wealth from the middle class and indebted millions of people who either owe more than their home is worth or have already fore closed.

On the radio on C2C tonight someone said 29% of the home buyers who bought their home in the last 5 years, now owe more than their home is worth. Not good.

Either way, it could have been prevented. The Bush administration blocked the States from looking further into the risky loans being made. Eliot Spitzer had his political career put out to pasture because he wrote an article about it for the Washington Post. He brought the hooker across state lines to visit him after he finished writing the article!
Look it up if you want.

Anyway, American citizen need to be much more careful about their rights and sovereignty, and less affected by MTV cribs and McMansions.
I am sleepy. Sorry if I don't make sense.
DocMoreau

well gold and land they have been here from the beginning...
and something had better create some good paying Jobs or
we are toast... this year starts the baby boomer retirement plan withdraws and that spells disaster on year 2. thats next year folks... and total bankrupt before year 3. if you listen to the currency controller general. and there is nothing we can do except Elect Ron Paul as President and Dennis Kuchenich as V.P. -- close the Federal Reserve Central Bank -- Print New U.S. Dollars backed by our natural resources and labor.

thats the only plan I have heard that has a rats chance in hell surviving more than 2 election cycles...

reply to post by BlackProjects


Fine - but then the US would have to get rid of all its property in other countries. Every embassy, every company HQ, every field office, every holiday home, everything. It goes both ways.

Plus do you know exactly how much money this foreign investment brings into the US? California would be heading for financial disaster if the Japanese and British investors removed their businessess and sold their properties.