When the housing market finally rebounds, Hispanic buyers will play a major role, according to a new report. Hispanics purchased 288,000 homes in the third quarter of 2011, accounting for more than half of the increase in owner-occupied homes in the U.S. during that period. Furthermore, the group is expected to account for 40 percent of the estimated 12 million new households expected to be created over the next 10 years. That’s according to a recent report by the National Association of Hispanic Real Estate Professionals (NAHREP). It’s a trend that will be driven by demographics, with Hispanics not only representing an increasing share of the U.S. population but a dramatically expanded share of the wealth as well.
“Despite recent losses suffered by Hispanics during the housing crisis, young Latino families that were unaffected by foreclosure or lost home values, are ready to enter the market,” said Carmen Mercado, president of the 20,000-member group. “When they do, they will have an exponential impact on housing sales.”
Increasing share of population, economy
Fastest household growth of any group
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