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Visas Linked to Foreclosed Homes for Sale in Brooklyn, NY

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By : John Cutts    99 or more times read
As high unemployment rate is a major driver of foreclosed homes for sale in Brooklyn, NY, the EB-5 visa program, which was launched in the early 1990s to help create jobs, is expected to help cut down foreclosures.

Almost 7,000 housing units in Brooklyn were put into the foreclosure process in 2009, and in February, almost 500 homes were added to the existing distressed inventory. These properties are in addition to the hundreds of units in affordable buildings that were foreclosed and abandoned by investors when they failed to inflate rents or to obtain additional financing to gentrify the buildings.

One viable way to create jobs in Brooklyn is to use the EB-5 visa program to attract foreign investors into neighborhoods that lack attention from resident investors. With jobs, Brooklyn homeowners who have been laid off can have better chances of saving their properties from entering listings of foreclosed homes for sale in Brooklyn, NY.

Under the visa scheme, a foreigner who invests at least $1 million in a business or project in the U.S. and create at least ten jobs will be awarded with an EB-5 visa. This visa facilitates the achievement of a green card for foreign nationals interested in residing in the U.S.

If the foreign investor starts an enterprise and create jobs in a regional center with high jobless rates, the investment amount can be lowered to $500,000.

This program was extended to September 2012 by President Barack Obama when he signed in October last year the Homeland Security Department appropriations bill for the 2010 fiscal period.

The pace of foreclosure activity in the state of New York slowed down in the first quarter by two percent from the prior quarter, but the number is still significant for the state and it also marked more than 10 percent of increase year-over-year. A total of 12,149 foreclosures were filed during the quarter, including 1,526 units that were bought back by the banks.

Buyers interested in New York foreclosure homes can find many of them in Queens County, as this area posted the highest number of REOs compared to other New York counties during the quarter. Buying house foreclosures for sale can also be explored in Suffolk County, which posted the highest number of foreclosure filings.

As foreign investors explore the benefits of the EB-5 visa program, local investors can also explore the benefits they stand to gain from investing in foreclosed homes for sale in Brooklyn, NY.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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