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Hispanic Housing Boom
May 1st, 2013 9:12 AM

Hispanics are lighting up the housing market, creating a housing boom of their own.  Hispanics have been the largest home buying group for the last 2 years, purchasing over 1 million homes.

The National Association of Hispanic Real Estate Professionals (NAHREP) not only reported this number, but also says that out of 693,000 homes on the market last year, Hispanics were responsible for more than 51%.

Juan Martinez, the president of NAHREP said, "Despite a difficult economic environment and a tight mortgage market, Latinos are making gains in all the ways that make them ready for homeownership."

As more Latinos strive for higher education, they are responsible for approximately 50% of the recent job growth in 2012.  Not to mention that 40% of Latinos earn more than $50, 000 a year now.  Their buying power exceeds $1 trillion and will continue to grow.

Currently, the biggest obstacle for them, and everyone else in the market to buy, is available inventory.  Geraldo “Jerry” Ascencio says that the lack of available housing that Wall Street is gobbling up left and right is causing unnecessary inflation.  For this reason they are organizing a march on Washington.

He says, "We are walking to the Hill on Wednesday and asking our representatives to send a congressional letter to the Office of the Comptroller of the Currency, the Federal Housing Administration and The Department of Housing and Urban Development urging them to make owner-occupancy a national priority."  Thus, asking for the housing market to be a level playing field and not to the advantage of investment firms.

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Posted by Michael Hobbs on May 1st, 2013 9:12 AMPost a Comment

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