Hispanic Real Estate Buying Up
According to data from the U.S. Department of Housing and Urban Development, the homeownership rate among the nation’s 42.7 million Hispanics hit a record 49.5 percent in 2005 and 50 percent in the past quarter of 2006.
The rise in Hispanic home-buying trends is credited to education by many in the industry. Several Spanish-speaking seminars and programs across the U.S. have focused on explaining away the mystery of home buying and teaching first-time owners the ins and outs of the system. Additionally, local banks are taking steps to add bi-lingual staff and products that more fully explain their services. Industry experts are predicting that the trend will continue as education programs increase and as local banking and mortgage lenders improve the lines of communication between themselves and the Spanish-speaking community.