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HISPANIC IMMIGRANTS HELP EASE HOUSING MARKET CRISIS

Thursday, November 08, 2007  
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HISPANIC IMMIGRANTS HELP EASE HOUSING MARKET CRISIS

                       

WASHINGTON, DC- The Congressional Hispanic Leadership Institute (CHLI) today hosted a congressional briefing on the current housing market and its impact on the Hispanic community. The speakers spoke on how the growing number of Hispanic immigrants may actually help ease the housing market crisis as an increasing number of Hispanics continue to purchase their own homes.  However, there are concerns about how Hispanics remain vulnerable in this uncertain market due to their lack of knowledge of the U.S. mortgage system and high number of foreclosures impacting Hispanic homeowners.

 

"The Hispanic Purchasing Power of $865 billion is larger then the Canadian economy. It is a strong growth market for the coming years, thus providing valuable opportunities for the domestic housing market in the coming years," stated Tim Sandos, President and CEO of the National Association of Hispanic Real Estate Professionals (NAHREP).  However, Sandos also discussed how Hispanics have been disportionately hit by predatory practices and projected $24.8 billion in foreclosures for Hispanics in 2007. 

 

"Despite growth, the Hispanic community feels great threat due to foreclosures as a result of current lending practices," said Alejandra Medina Louden, Congressional Hispanic Caucus Institute HOGAR Fellow.

 

Frank Nothaft, Chief Economist for Freddie Mac presented a very positive picture on the future of Hispanic homeownership citing strong growth from legal immigrants, which reached a 15-year high in 2006. "We're on track this decade to adding 10 to 10.5 million new immigrants who are unfamiliar with U.S. home ownership procedures. Overtime, immigrant homeownership will be similar to native-born Americans reaching the 70% to 75% percent rate of ownership."

 

The Honorable Orlando Cabrera, Assistant Secretary for Public and Indian Housing stated, "This is more about a market correction, not necessarily a crisis. At the end of the day, we need to focus on the silver lining. Minority homeownership remains at a historic high at roughly 50%."

 

For more information about this congressional briefing and future events, please visit www.chli.org.

 

The Congressional Hispanic Leadership Institute is a 501(C)(3) not-for-profit and non-partisan organization dedicated to creating a broader awareness of the diversity of thought, heritage, interests and views of Americans of Hispanic and Portuguese descent.  For more information, visit www.chli.org

 


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