Not a terrible idea on the face of it, though I’ll be looking for in-depth analysis by libertarian and conservative pundits. It could help with our housing crisis without the government spending billions of dollars it doesn’t have and we can’t afford to borrow.

The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.

The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah), designed to spur more foreign investment in the U.S.

Foreigners have accounted for a growing share of home purchases in South Florida, Southern California, Arizona and other hard-hit markets. Chinese and Canadian buyers, among others, are taking advantage not only of big declines in U.S. home prices and reduced competition from Americans but also of favorable foreign exchange rates.

To fuel this demand, the proposed measure would offer visas to any foreigner making a cash investment of at least $500,000 on residential real-estate—a single-family house, condo or townhouse. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, which can be rented out.

Foreigners are increasingly interested in American real estate, accounting for $82 billion in sales during 2010 — up from $66 billion in 2009. That’s a predictable outcome as the dollar falls in value and other global currencies rise. And better yet, foreigners are particularly interested in areas hardest-hit by the recession, areas like Florida and Arizona.

Foreigners immigrating to the U.S. with the new visa wouldn’t be able to work here unless they obtained a regular work visa through the normal process. They’d be allowed to bring a spouse and any children under the age of 18 but they wouldn’t be able to stay in the country legally on the new visa once they sold their properties.

I have my concerns about the program, such as how the security clearance and background check will work. I want to ensure that we won’t be handing away visas like candy to just anyone who rings our doorbell with a wad of cash in hand. And not everyone is on board with the plan.

But other industry executives greeted the proposal with skepticism. Foreign buyers “don’t need an incentive” to buy homes, said Richard Smith, chief executive of Realogy Corp., which owns the Coldwell Banker and Century 21 real-estate brands. “We have a lot of Americans who are willing to buy. We just have to fix the economy.”

Willing but not able. And they won’t be able until we stop overburdening the private sector with never-ending taxes and regulations, which kills job creation and soaks up money that could otherwise go to buying a home or vehicle.

I don’t know. I have my concerns but it also sounds like a potentially good opportunity. The fact Mike Lee is behind the plan gives me a boost of confidence in its value. At the very least it’s something we should be considering.