Hispanic Influence on the Housing Market

first_imgHome / Daily Dose / Hispanic Influence on the Housing Market Related Articles Share 1Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Foreclosure, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Hispanic Influence on the Housing Market Servicers Navigate the Post-Pandemic World 2 days ago 2019-07-15 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Hispanics are one of the fastest growing group of homeowners in the U.S., the Wall Street Journal reports. WSJ states that Hispanics are experiencing the largest homeownership gains of any ethnic group in the U.S., bouncing back from a 50-year low in 2015. Data from the U.S. Census Bureau indicates that HIspanic homeownership has increased by 3.3 percentage points since 2015, compared to the overall U.S. homeownership rate increase of 1.3 percentage points since the homeownership rate bottomed out in 2016.The National Association of Hispanic Real Estate Professionals (NAHREP) states that Hispanics accounted for the majority of new U.S. homeowner gains over the past decade, making up nearly 63% of total gains.  “The housing market would look very different today if it weren’t for a tidal wave of Latino home buyers,” Gary Acosta, NAHREP’s co-founder and Chief Executive told WSJ.Despite the increases in homeownership, Hispanic homeowners are still at high risk of foreclosure, especially for those who took advantage of risky loans during the housing crisis. According to Zillow, homes in Hispanic neighborhoods were 2.5 times more likely to be foreclosed upon than homes in white communities between 2007 and 2015, after hispanics and blacks saw significant gains in homeownership as lenders targeted minority buyers with these risky loans, eventually leading to foreclosure. A study from Clever.com revealed the racial disparities among mortgage applicants. According to the study, African-Americans are twice as likely to be denied a mortgage when controlling for income, and African-Americans (105%) and Hispanics (78%) were more likely to use high-cost mortgages to purchase a home.Looking at borrowers by race, it indicated that “mortgage applicants are predominantly white.” Out of the sample of 1.7 million applicants analyzed by Clever.com, more than 1.4 million mortgage applicants were white, compared to 80,442 African Americans, 93,762 Asian Americans, 29,293 American Indians, and 15,645 Native Hawaiians or Pacific Islanders. Demand Propels Home Prices Upward 2 days ago July 15, 2019 1,645 Views About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: A New Approach to Affordable Housing Next: HUD Announces Residential Reverse Mortgage Sale  Print This Post Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily Subscribelast_img

Leave a Reply

Your email address will not be published. Required fields are marked *