Housing Market Improvement Tied to Latino Surge


Even though the economy is still in a slump and credit is hard to come by, Latinos have made big strides in the housing market in the past year, revealing that owning a home is within reach for a new section of the workforce.
Hispanic home-ownership went up 7.3 percent last year, from 6.2 million to 6.7 million, according to June U.S. census data. For black-owned households during the same time, the numbers dipped by 1.3 percent, from 6.3 million to 6.2 million. Likewise, whites’ home ownership also saw a slight decrease of about 1 percent, from 58.4 million to 57.8 million.
Government loans have increased for Latinos, making it easier to own a house. Almost 600,000 Hispanic families since 2008 have bought or refinanced a home using a Federal Housing Administration loan since 2008, according to a recent National Journal article.
FHA-backed loans are on a decade-long increase for Latinos and other minority groups. Such loans typically have low down-payment options, and flexible income, debt and credit requirements. In 2010, FHA extended mortgage credit to 58.8 percent of Hispanic and 59.8 percent of black home buyers, compared with less than 10 percent just four years earlier, according to a Center for American Progress analysis.