At the beginning of the month, the National Association of Hispanic Real Estate Professionals (NAHREP) released the 2016 Hispanic Wealth Project Annual Report. This time, the report “addresses the findings and progress of the Hispanic Wealth Project goals and initiatives.”
This is a project that began in 2014 with the goal of tripling Hispanic Household Wealth by 2024 by focusing on three components:
- Sustainable Homeownership
- Savings and Investments
For our purposes, I am going to focus on Sustainable Homeownership.
Hispanics accounted for 69% of the total net growth of U.S homeownership in 2015. Many entities made a commitment to provide funding and help in order to achieve the goal of Hispanic homeownership in the U.S. reaching at least 50%, if not higher. For example, over the next ten years, Wells Fargo will provide “a projected $125 billion in mortgage originations and a goal of $10 million to support a variety of initiatives that promote financial education and counseling for Hispanic homebuyers.” Furthermore, Wells Fargo “plans to increase the number of Hispanic home mortgage consultants on its sales team.”
The 24-page report is available for download, but we will break down more of its information and share some of its findings with you in the coming weeks.