According to a study released this month, Latino homebuyers are expected to provide a deep well of housing interest over the next decade, propelling demand for condos, starter homes, and trade-up homes.
The housing market in Phoenix, Ariz. may offer a glimmer of hope. The southwestern town was one of the hardest hit during the recession, but the sharp drop in home prices means new buyers are entering the mix.
Most homeowners facing foreclosure find themselves there through no fault of their own. With unemployment among Latinos in the double digits for three years, it is no wonder that home loss has hit the community hard.
At the height of the subprime mortgage crisis, the blame for it and the subsequent housing bubble bust were laid directly on the doormat of Latino and black homebuyers. But a new report reminds people that it wasn't totally Latino and black homebuyers' faults.
More than any other demographic, Hispanic homeowners were slammed by the mortgage crisis. Nearly half of the all the foreclosures in California between September 2006 and October 2009 (48%), were for Hispanic homeowners. But now, young Hispanic American families are poised to play an influential role in the housing recovery as first-time home buyers absorb excess inventory.
The economic recession, particularly the housing crisis, has hit Latino households harder than African Americans and whites, according to an analysis released by the Pew Research Center. The drop in house value has been identified as the main factor for the widening wealth gap, particularly among Latino households.
impreMedia, the leading Hispanic news and information company, announced today the results of a current tracking poll that reveals Latinos’ perspectives on achieving the American Dream and concerns with the housing market. The poll found that while there is a high degree of optimism about the idea of the American Dream, with a combined 72% of respondents saying they have already reached it or expect to reach it in their lifetime, there were serious fears about whether owning a home is part of that dream.