Some folks will argue that. But for present purposes, fact is few whites are likely to buy in FLOMO and surrounding communities anymore. And the liar loans went away, and so did the minority home buyers except for a few that trickle in on special programs through Beyond Housing and the like. So the FLOMO housing market tanked. In the last few years, the local slumlords have been buying, and renting section 8 or doing rent to own scams, fanning a downward spiral. Not a good scene.Ok Im a litle slow, but isnt that the reason why we got into the housing crisis in the 1st place?
With the government billy club, and lots of help from Barney Frank on that point, banks are now forced to show that they are "inclusive" and "non-discriminatory" in their lending practices to maintain good standing with regulators, even if they don't have any local minorities to loan to. So they are going to have to seek out minorities in other communities to lend to, and Norco has lots of those.
At the same time, Fannie Mae, Freddie Mac and FHA are going to waive the normal income ratio and documentation requirements for minority loan applicants and in "underserved" communities.
So now, more recently, foreclosures and bank owned houses in Berkeley, FERG, Cool Valley, Dellwood are being snapped up by consolidators who have Wall Street and international capital. They will in turn fix up the houses and sell them to minorities, thereby creating a market and an opportunity for non-minorities to sell out, hopefully at a capital gain or at least a reduced loss.
So this could be a win win situation. Already in Barrington Downs, I note that there are several houses that were bought recently for under $100k, including one at under $50k, and are now on the market for the mid $100s.
Check out Zillow, Blockshopper, and the StLouis County real estate records online sometime--very interesting.