Hispanic Homeownership Surges

Hispanics are increasingly making up what’s considered the typical American home buyer, Curbed.com reports. Latinos are expected to make up 52 percent of new home buyers between 2010 and 2030, largely driven by the country’s 14.6 million Latino millennials.

“The fact is the majority of Latinos want to be home owners and will make up half of all new home buyers in the next 20 years,” Scott Astrada, director of federal advocacy at the Center for Responsible Lending, told NBC. “They have a central place in the housing market and finance system.”

Harvard University Joint Center for Housing Studies’ “State of the Nation’s Housing” study predicts minorities overall will drive three-quarters of the gains in U.S. households. Latinos will likely account for one-third of those increases alone.

Source: “Booming Hispanic Homeownership Helping Fuel U.S. Housing Market,” Curbed.com (Sept. 5, 2017)

Recovery Requires “Stable Home Prices”

For a recovery in the housing market to take hold, Fed Chairman Ben Bernanke said home prices need to stabilize, more loan modifications need to take place, and the foreclosure process needs to speed up.

Bernanke said that the high number of foreclosures for sale needs to be cleared from the market so prices can stabilize and “give people confidence that they can buy and not be buying into a falling market,” he said, during his second news conference of the year.

Bernanke also said banks need to help home owners who face foreclosure by modifying their mortgages and lowering their monthly payments. Or if modifications can’t be justified, he says banks need to speed up their foreclosure process.

“The housing sector is very important to the overall recovery, so we pay a lot of attention to that,” Bernanke told reporters at the press conference.

Bernanke said the Fed has lowered its economic forecast, expecting the economy to grow at a slower pace than originally projected and for problems to persist into the next year. High unemployment, he noted, continues to be a significant factor not only weighing down the economy but also stalling the housing recovery.

More details at source: “Bernanke Says That Economic Problems Likely Depressed Housing, May Persist into Next Year,” The Associated Press (June 22, 2011) and “Bernanke Says Home Price Stabilization Necessary to Woo Buyers,” HousingWire (June 22, 2011) 

Some of us even in the Placerville, California region have suggested some of these points for 2+ years!

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