Despite pandemic woes Latino homeowners are now the most determined homebuyers, survey shows
October 1, 2020
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In today’s Daily Download episode, HousingWire covers a survey from the National Association of Hispanic Real Estate Professionals that found despite high unemployment, high COVID-19 infection rates and greater loss or reduction of income, 40% of Latinos still plan to become homeowners.
For some background on the story, here’s a summary of the article:
The American dream of owning a home remains resilient in Latino communities despite high unemployment, high COVID-19 infection rates, and greater loss or reduction of income compared to non-Hispanic Whites, according to a new survey.
The August survey from the National Association of Hispanic Real Estate Professionals found that 40% of Latinos who do not currently own a home have plans to buy within the next five years, the highest among any demographic.
According to the survey, Latino households were twice as likely (18%) as non-Hispanic White households (9%) to report having had at least one household member laid off due to the pandemic. That number reached its peak in April when Latino unemployment sat at 18.9% – the highest recorded since the great depression, according to the Bureau of Labor Statistics.
Undeterred by the economic uncertainty, 47% of Latino renters who were able to continue saving during the pandemic reported the possibility of home ownership as their main motivation, higher than any other demographic of renters. The survey also noted evidence that predominantly Hispanic neighborhoods, or neighborhoods with a Hispanic population of 50% or more, saw more than double the amount of first-time home buyer activity than that of the rest of the country between the second quarter of 2019 and the second quarter of 2020.
Following the main story, HousingWire discusses why Altisource Portfolio Solutions has expanded its Texas operations center and an announcement from United Wholesale Mortgage that it will offer a 50 bps discount on all VA interest rate reduction refinance loans through Veterans Day.
HousingWire articles covered in this episode:
