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Lowest Level of Hispanic Home-Ownership in Years
(Washington D.C.) – According to a new report by the National Association of Hispanic Real Estate Professionals (NAHREP), the Hispanic home ownership rate has dropped to its lowest level since 1999, even as 320,000 new Hispanic households were formed during the year. The NAHREP reports that although Hispanic home ownership had grown rapidly from 1995 to 2004 – outpacing the national average by a margin of 7 percent to 5 percent – the numbers are more discouraging in recent years. In 2012 for example, the number of homes owned by Hispanics increased by nearly 350,000, but in 2014 it grew by just 54,000. Tight Credit and high fees are among the reasons cited by Hispanic realtors for this deterioration, which comes at a time when Latinos are otherwise gaining influence in the U.S. Economy.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“Like other Americans, Hispanics want to live the American Dream. For many, owning a home is an important part of the dream. Yet even as Hispanics grow their incomes and make up a larger share of the American economy, they appear to be falling behind in that dream of homeownership. This has come even as Washington assures us that reforms such as Dodd-Frank will curb the power of large banks and help working Americans. It doesn’t seem to be working.
This is a subject that’s impacting the lives of millions of families. We need to ensure that Latinos and others are free to build better futures and pursue their dreams as they advance in the free market. It’s time to look at the root causes of this worrisome trend, and determine how to ensure people are free to get ahead.”