Economic woes slow US migration to Sun Belt region

AP ^ | 3/19/2009 | NewLand

[NewLand]

WASHINGTON (AP) — Strapped by the nation's economic crisis, fewer Americans are migrating to Sun Belt hot spots in Nevada, Arizona and Florida, instead staying put for now in traditional big cities.

Census data released Thursday highlight a U.S. population somewhat locked in place by the severe housing downturn and economic recession, even before the impact of rippling job layoffs after last September's financial meltdown.

Link to full article here...

[JasonC]

I moved to AZ from MA and I am happy as a clam.

House 2 doors down just sold, too.

Get out of the northeast while the getting is good. You can get 4 houses here for the price of 1 there, and the weather is sooo much nicer. People are, too.

[JasonC]

About 1/5th what my heating bill was in the winter months in the northeast...

[JasonC]

Don't need HUD, that's for low rent losers.

The $8000 tax credit will pay your down payment anyway. House prices are down by half from the peak, even more in some subdevelopments that never filled up. Just giving them away. Don't complain about it, grab a house!

[JasonC]

Except it isn't 30%, it is $8000 max or 10% of the purchase price, whichever is lower. (And yes, there are some foreclosures out here where the 10% *is* lower, and I don't mean shacks either... Houses that were built 4 years ago for a quarter million are being given away for a third of that).

[JasonC]

Trapped my eye, they just do short sales and stiff the bank, or they mail in the keys. Only the banks take the losses. Tons of them all around.

[RSmithOpt]

The story is just smoke......let’s not forget, many more than just Mexicans and other Hispanics simply walk across our southern border every day.

[Hildy]

Yes, that’s true...that’s what I meant....10%. That’s alot of cash for first time homebuyers. But it’s not JUST 1st time buyers. I think it’s something like you couldn’t have bought a house in the last six years. I’ll go look it up. My friend, a realtor, has been touting this program to anyone who will listen!

[JasonC]

You can't have owned a primary residence in the last 3. And yes it is a good incentive, as are the low current rates. But rational prices are an even bigger one. Out here we've got them, northeast they don't.

[JSteff]

“Don't need HUD, that's for low rent losers. “

Not correct. ALL FHA loans are under HUD. Additiaonally FHA puts up the majority of “grants” for downpayments, etc.

So MOST of the buyers yearly are not just “low rent losers”... FHA is involved in the largest majority of house purchases in some way or another.

[NewLand]

Seems funny this story coincides with the recent announcement by Acorn that they will partner with the Census.

Interesting perspective. You may have something there...

[JasonC]

Conforming loans are simply much cheaper for anyone with a good credit rating. FHA insurance is for low rent losers whose personal credit isn't up to getting the best rates directly.