Mar 14, 2012
Hispanics a "mega force" in Virginia housing
14 Mar 2012
Posted by Andrew Kantor
The National Association of Hispanic Real Estate Professionals released its annual report, “State of Hispanic Homeownership,” an “analysis of data about the population growth, birth rate patterns, household formation, educational achievements, and workforce profile of the Hispanic community.”
It found that after two wild swings — tremendous growth in Hispanic homeownership in 2000-2006, followed by disproportionate losses in the foreclosure crisis — Hispanics are poised to become a “mega force” in housing.
Hispanics are also beginning to drive growth in housing demand. During the third quarter of 2011, Hispanic homeownership rose to a rate of 47.6 percent, growing by 288,000 units, accounting for more than half of the total growth in homeownership (53 percent) in the nation during that period, driving it to its highest level with 6.5 million homeowners. At the same time, Black homeownership grew by 190,000 units while Asian homeownership increased by 66,000 units. In contrast, homeownership growth among non-Hispanic White households grew by only 18,000 units.
It also found that Virginia is among the 12 states with the highest percentage of Latino growth from 2000-2010, and there’s no reason to suspect that will change.
So the question is, are you ready?