Each year in the United States we observe National Hispanic Heritage Month, from September 15th to October 15th, by “recognizing the contributions made by Hispanic and Latino Americans in the United States.”
The Hispanic community has had a great impact on the housing market and will continue growing its influence. As a form of celebration, we are going to offer something a little different this month.
We interviewed a few real estate experts and asked the question: “Is the Hispanic community important in the housing market?” So, in place of the written blog, we are going to share those interviews with you each Thursday between September 15th and October 15th as part of a series that we are calling “Thursdays of Interviews.”
This week our expert is:
Lawrence Yun, Chief Economist and Senior Vice President of Research at NAR (National Association of Realtors)
Is the Hispanic Community Important in the Housing Market?
Absolutely! In terms of the overall demography, the Hispanic population will be a major force in home buying in the future, as we can see in terms of the percentage rise projections among Hispanic families. But right now because of the tight underwriting standards, it has really limited the Hispanic families from converting from renting into ownership. So some type of, perhaps, a new credit availability, for example, maybe they do not have a long history regarding credit score, but things like the consistent payment of their utilities bills should be considered as part of their credit history. So, we are looking at all the angles because Hispanic population is growing. They will be a major force for the housing market in the future.