Richard Spencer

July 22, 2008

Over at VDARE, Steve Sailer has a follow-up article to his fantastic piece here at Takimag on “The Diversity Recession”:

One clue comes from looking at the places with the sharpest decline in home prices, such as California, South Florida, Arizona, and Nevada. For example, the median price of homes sold in California last month was $328,000, down 31.5 percent from a ridiculous $484,000 in June 2007. Almost 42 percent of all homes sold in California were in foreclosure.

Why did the housing bubble get out of control in many heavily Hispanic regions?

Because many important people wanted it to.

A widely overlooked reason behind this economic disaster is that the politicians, real estate interests, and financiers told the public that they weren’t speculating wildly on the insane hope of home prices rising forever. No, they were actually helping minorities share in the American Dream!