Big Gap In Latino Home Ownership: New Study

Maria Eugenia Alcon, NBC News, May 28, 2015

{snip}

Nearly four million Latinos would like to be home owners in the next five years, but only 1.5 million can afford it, according to a new study by The Demand Institute, a non-profit think tank operated by The Conference Board and Nielsen. The study found a gap of 2.5 million Latinos who struggle to be able to achieve home ownership; less than one-in-five who would like to purchase a home have the access and the means to do so.

{snip}

“The gap is an opportunity for business and policy makers to help these households come up with new models on how we finance housing and find ways to help Latinos to be able to afford to buy homes,” said Louise Keely, president of The Demand Institute, who spoke to NBC News about the report.

“Hispanics were hit especially hard by the housing crisis,” Keely said, “partly because of geographics, since most homeowners were concentrated in states that were most affected like California and Arizona and because they came from a lower baseline median income level.”

Latino home ownership rates peaked at 50 percent in 2007, but even years after the housing bust it stands at 44 percent, according to the US Census. {snip}

The multi-year study includes an on-line survey of 1,000 Latino heads of households in 2013. More than 52 percent of those polled wanted to own a home and thought it was a good investment, but 31 percent said the lack of savings was the main barrier, followed by low income and access to credit.

{snip}

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  • Deacon Blue

    “Nearly four million Latinos would like to be home owners in the next five years, but only 1.5 million can afford it…”.

    Solution – only 1.5 million get the house and the rest need to save longer.

    What did I miss here?

    I would like to own a Gulfstream G650ER.

    I can not afford it. I see this an an opportunity for business and policy makers to help Deacon Blue come up with new models on how to finance corporate aircraft and other toys and find ways to help Deacon Blue to be able to afford to buy this kick ass jet plane.

    How is the plan to “help” unqualified Latinos purchase a house ANY DIFFERENT
    than giving me – unqualified to buy a $20 million aircraft – help to do so?

    And by “help” and “opportunity” does this equate with “tax payer funded?”

    • propagandaoftruth

      How is this a gap? Amazes me how language is used.

      • JackKrak

        Because all numbers expressing the various preferences, talents, abilities and accomplishments of all races should be exactly equal all the time no matter what with exceptions permitted for only a handful of things like the NBA and consumption of menthol cigarettes.

        Otherwise, such “gaps” are incontrovertible proof of racism. Or something.

        • propagandaoftruth

          I think I fell into the gap.

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        • You’re always getting a new vehicle. Do you keep wrecking them? Taking financial advice from a dingbat who can’t drive doesn’t seem like a good idea to me.

    • DonReynolds

      Did I mention that the Castro brothers were Marxist Liberals, intent on Reconquista?

      • Oil Can Harry

        Julian + Joaquin = Fidel + Raul

      • propagandaoftruth

        Don’t look now Don, but there’s a gigantic gap oozing statistics and Mexicans.

    • TruthBeTold

      How is the plan to “help” unqualified Latinos purchase a house ANY DIFFERENT

      You’re not a minority. But they’re working on it.

    • WR_the_realist

      At the very least it means insured by the tax payer, so the tax payer is left holding the bag when the mortgage goes into default.

    • Henry Ford

      Yes, it’s another drive to take wealth away from whitey to give it to illegals.

    • carriewhite64

      There is a beautiful house in my town that I have always wanted to own. It’s, like, totally unfair that I can’t afford it, ya’ll!

    • MBlanc46

      I suspect that you’re not Latino. That’s the difference. You may even be white. In that case, we have to take stuff away from you and give it to Latinos.

  • SentryattheGate

    “If wishes were horses then beggars would ride”! A LARGE percentage of Hispanics are here ILLEGALLY! They wish they owned a house, they wish to vote, they wish they had a high income, they wish for an Hispanic president….. I don’t care what they wish for! I wish they’d go back home!!!!

    • TruthBeTold

      They wish the gringo will die off so they can have his house.

      • DonReynolds

        I would burn it first.

      • Henry Ford

        Do you know how many prominent hispanic leaders have actually publicly stated that they want to kill all the gringos? Look it up. The list is a LONG one.
        Imagine if even ONE white leader said that we should kill mestizos.

        • John Smith

          Nothing is stopping them from trying except that they’re all pussies.

    • Henry Ford

      I wish they’d go to hell.

  • phorning

    Louise Keely must not realize business and policy members already worked on creative solutions to increase home ownership among Hispanics. It was one of the direct causes of the housing crisis she cites in her quote. If they don’t have the means to purchase a home, perhaps they should save until they have the means and then buy a home.

    • Chip Carver

      Is is just one of those little shots over the bow among many more to come to try and soften up Whitey some more, get him used to even more favored treatment for one of the favorite tools of our masters; hispanics. This means they’re getting us ready for another level of wealth transference from Whites to stone-age peoples, and in the end, the usual suspects will benefit.

    • TruthBeTold

      But this time it’ll work.

    • Henry Ford

      No, they should go back to Mexico.

  • George Moriarty

    I look at this article with some bemusement. All of our illegals are in fact buying up property here at an alarming rate. They are making it very difficult for Australians to buy property, particularly 1st home buyers.
    The situation is so dire that a demonstration outside the Chinese Consulate is planned for later today. (Sat 30th May PM Eastern Australian time)

    • TruthBeTold

      What’s worse? Foreigners with enough money to buy up homes or foreigners without the money to buy homes who will be subsidized by taxpayers?

      • listenupbub

        I don’t even care. Both are beyond my threshold of acceptance.

  • Hispanics were by far the biggest beneficiaries of subprime lending. So of course the undoing of that bubble hurt Hispanics the most.

    • DonReynolds

      My favorite were the “john doe” mortgages, where they did not have to identify themselves, nor were they required to have a social security number (or a good credit report), nor were they required to show proof of income…..or pay anything down. They lived in the outsized McMansions for YEARS (without making any payment whatsoever) until it was finally foreclosed or seized for failure to pay property taxes. Yes, nearly all of them were illegal aliens of a particular culture.

      • John Smith

        I would like to try getting one of those, then take the money and run and do it again and again. If not me, it would just be another greaserito, so at least a white guy could work the system for a change.

        • DonReynolds

          Why not make it into a Boarding Home? Put a small sign outside and give it a cutesy name as a “bed and breakfast”. There are plenty of people who need a decent place but do not have any furniture. (Lost it all in a divorce.)
          If code enforcement starts breathing down your neck, just say you are a religious charity or group home for aging missionaries.
          If you really want to play hardball…..tell them you are a group home for disabled veterans and would be happy to explain it to the city council at the next meeting.

        • Hammerheart

          Sounds like a plan. Maybe we should just crash the system again.

    • Henry Ford

      Thank Goldman Sachs, Barney Frank, Alan Greenspan, Bill Clinton, Robert Rubin, Larry Summers…

  • DonReynolds

    You are going to see quite a bit of nonsense like this in the next two years. Obama just appointed Julian Castro as Secretary of Housing and Urban Development. He is a LaRaza fanatic, Mexican Militant, one of the two Castro brothers who have created a hispanic political empire in San Antonio, Texas.

    • That’s why Obama sent Castro to the cabinet. Since the WBTS, Presidents have had at least one of these five things on their resume before becoming President: Vice-President, Senate, Governor, Five-Star General, Presidential Cabinet Secretary. Castro isn’t going to get elected to the Senate from or Governor of Texas any time soon, and he’s certainly not in the military. Therefore, the only way to make him credible national material for the Democrats is to give him some useless Cabinet job.

      • DonReynolds

        Hillary Clinton has indicated Julian Castro is her top preference for running mate in 2016. Hopefully, he will be able to do for her what Jack Kemp (also former HUD Secretary) did for Bob Dole in 1996.

    • SentryattheGate

      Thanks for that info. Castro will be joining other militant Hispanics in the Cabinet; current and past Sec. of Labor Perez and Solis, and Cecilia Munoz,Domestic policy adviser to Nerobama (and chair of his treasonous Task Force on New Americans)

  • MekongDelta69

    Throw them some brown money to fix the ‘problem.’

    Nahmeen?
    Nahmsayin’?

  • Brady

    Oh great, another housing bubble. It’s been not even eight years and we’re doing this again?

    • Yes, we have forgotten nothing, because we learned nothing.

    • Henry Ford

      It’s already re-inflated. Were you unaware of the constant money printing ever since 08? Why do you think the stock market has bubbled?

  • TruthBeTold

    Because it worked so well the last time.

  • jim

    If this homeowner thing turns out like all of the other AA nonsense we might see the Unjustice Department make it illegal to not give home loans to the blacks and browns. Don’t worry though, Whitey will pick up the tab for the next collapse.

  • Who Me?

    You want to own a home, but don’t have the money to buy one. Well, boo-freeking-hoo.
    Do what everybody who does own a house did: get an education, work like a dog and go to school at night if you have to, then work some more. Save, go without everything but the bare necessities, (designer clothes, spinning rims and “bling” are not necessities). Build up your credit score. Expect this to take a few years, because it will.
    Nobody OWES you a house, and hopefully there are enough sane people left in this country that nobody is going to give you one.

    • I drove a rolling wreck of a Mazda RX-7 when I was starting out in the microelectronics industry. I kept it mechanically perfect for races, but never in appearance. It would do 140 mph at 7000 RPM’s in fifth gear, and would get there very, very quickly. I was criticized at work for the way my car looked. I saved to buy a home. The Subcontinentals bitterly complained when I bought my home in 1996.

      I rarely throw anything away. That engine now runs my wife’s 1931 Model-A Ford. It’s quick, but the top end for me is about 90 mph because it starts to float with air getting under the fenders. She won’t take it over 60.

      • DonReynolds

        Ha Ha Ha……Mr. Scott, you are a menace….putting a rotary engine in a Model-A Ford. That is a hoot!

        • My brother in-law said I was a bit funky. He liked the scene in one of the “Terminator” movies whence the song “Funky Man” was playing. He just looked at me. I have been accepted, but I am the weird one in the family.

          That 1931 Model-A will get rubber in every gear.

      • John Smith

        Piston engine goes boing, boing, boing, but the Mazda goes Hmmmmmmmm

    • Henry Ford

      You don’t understand how it works.
      Our Bolshevik overlords do everything possible to see that hispanics have an easy road to family formation and access to free EVERYTHING, while whites are kept broke, have to PAY for the filthy latinos to breed like roaches, and at the same time whites can’t even AFFORD to have kids themselves.
      If this isn’t a recipe for REVOLUTION then I don’t know what is.

    • GAWZ

      Then you get a Reverse Mortgage, which is the same as having rented all along. Or old age care forces you to sell your home or have it confiscated by the State as partial payment for said care.

  • WR_the_realist

    “New models” of financing for people who don’t have savings means what it always has — no money down mortgages that will quickly go into default the next time there is a hiccup in the economy.

    Why is it so important to get people into houses they can’t afford?

    • The Worlds Scapegoat

      So they can get into debt, and owe money to the banksters.

      .

      • SentryattheGate

        But then the BIG banksters hit us up for bail-out money; us productive people who pay the bills!

    • John Smith

      It sure caused a lot of problems last time govt. forced this.

    • Henry Ford

      So they can outbreed us.

    • GAWZ

      There is a way of making money from the scam. They have no hope of avoiding default, the home goes into foreclosure, the banks get a tax write off, the house is flipped on a short sell.

      • One of my neighbors got his house dirt-cheap that way, as banks can’t stand a long-term position on non-liquid assets. Some bank is renting out a foreclosed townhouse across from us here, which has been vacant for almost a year. The last folks there were a really nice Mormon family. I was scolded once for working on my vegetable garden on a Sunday, but I asked the lady “What if I consider growing nice things to to be my own sort of communion with the Lord?” When she asked whether I was some sort of atheist, I explained that my ex-father was a failed Catholic and my mother is a failed Methodist. Gardening isn’t really “work”. Neither is fishing, for that matter. I have a serious aversion to work.

        My neighbor has a very nice home, for which he paid very little.

  • Ella

    It’s currently harder for the government to rig loans with banks for CA, TX, AZ having such high real estate prices in major cities. During the crash and readjustment period, cracker box houses still start at 360K in many LA suburbs. With overpopulation, homes are NOT cheap for anyone White, Latinos or Black!

  • dd121

    Don’t have the money, can’t buy a house. It’s an easy concept to grasp.

  • I shot my mortgage fund investments in the back of the head about a decade ago, NKVD-style, completely divesting, along with municipal bonds, paying the effing taxes. Anyone could have seen that coming. Municipal bongs and “gibs us dat”.

    • Yes, moderator, municipal “bongs”.

    • GAWZ

      I cannot think of one big city that is safe to buy municipal bonds from. You might as well be buying IOUs from Al Sharpton.

      • I originally invested in a bonds & mortgages fund to balance the rest, which were heavily stock-related. It was stable, but the overheated real-estate market ten years ago and my suspicion that falling property prices would put municipal tax revenues in the toilet proved 100% correct. I got out at the right time.

  • LeonNJ

    If they can hardly even afford a house, then don’t help them out to get one. Would they put money into their house to spruce it up and make it look somewhat nice? Yeah right.

  • John Smith

    I guess they should try to buy one in their home country instead….

    • Henry Ford

      They should be sent back.

  • InitialSegment

    I would like my own private Caribbean island. But I’m about eighty million dollars short. Outside of which government office should I hold a protest?

    • Whitetrashgang

      Try homeland security, if that does not work maybe a wife swapping club in Washington.

    • GAWZ

      “And I vanna toilet made out of solid gold, but it’s just not in the cards now, is it?”

  • Henry Ford

    This piece is soooooooooooooo stoooooooooooooooopid.
    My God, where to begin? Latinos defaulting on home loans were one of the MAJOR reasons for the meltdown of 08.
    Probably not fair to blame them, since they didn’t engineer the debacle, but still.

  • Reynardine

    Paging Bossman, paging Bossman, we have yet another article you can embarass yourself with. Please report immediately to “Big Gap in Latino Home Ownership.”

    • Hammerheart

      Maybe they can all stay at Bossman’s place where they can plot against the Chinese together?

      • Whitetrashgang

        A 95 escort can only hold so many.

  • carriewhite64

    “…come up with new models on how we finance housing and find ways to help Latinos to be able to afford to buy homes.” Cue the next financial meltdown.

  • MBlanc46

    Oh good, let’s have another financial meltdown. The last one was so much fun.

  • archer

    Am I missing something, I didn’t read the whole article, but I seem to remember the Clinton regime ordering banks to give out sub-prime mortgages primarily to Latino’s. Fannie Mae and Freddie Mac were carrying about 2 trillion in bad paper because of it, the banks bundled these sub-primes and screwed everybody in the world. I guess Einstein was right when he said “the definition of insanity is doing the same thing over and over and expecting different results”.

    • GAWZ

      I remember the Chinese bought in to these bundled (more like ‘bungled’) securities and then got really pissed off. SOS Hilderbeast was quoted as telling China to “hold onto to those bonds (securities)” and then she was not the SOS for much longer after that. Can’t the Chinese demand payment in real estate, in lieu of cash/monetary instruments?

      • Sounds like they wanted risk-free profits. Anyone who wants that is cordially invited to invest in CD’s and not real-estate-backed funds. The real-estate market is by nature volatile, even in the absence of a speculative bubble.

  • GAWZ

    “.. come up with new models on how we finance housing and find ways to help Latinos to be able to afford to buy homes..”

    _______________

    The government already tried that by forcing banks to issue risky loans. It ended in disaster, with the taxpayers (YT) getting stuck with the bill. You cannot squeeze blood out of a turnip or get the working poor to pay a monthly mortgage payment on a $500k home in places like Southern California. By “new models” this liberal group (The Demand Institute, a non-profit think tank) has another idea. Charge the minorities (this would never be limited to just Latinos) a pittance of what a real monthly mortgage would be and then YT get to pick up da rest (again).

    • Reynardine

      Looking back on us, historians will call this “The Age of the Cuckolds.”

  • I didn’t get pre-approved for the townhouse I originally wanted to buy in 1996, and ended up with the second one on my list. I’m happy with the result, as it was a slightly older complex, with mature trees, which provide some decent shade during the summers.

  • What exactly is a “Demand Institute”? An institute that makes silly demands? “Gimme gimme gimme!”

  • I need to have a molar with a cracked filling crowned. Maybe I should form my own “Demand Institute” to try and force someone else to pay for it.

  • Den Christe

    p { margin-bottom: 0.08in; }a:link { }

    The current mortgage crisis
    came about in large part because of Clinton-era government pressure
    on lenders to make risky loans in order to “make
    homeownership more affordable for lower-income Americans and those
    with a poor credit history,” the DC Examiner
    notes today. “Those steps encouraged
    riskier mortgage lending by minimizing the role of credit
    histories in lending decisions, loosening required debt-to-equity
    ratios to allow borrowers to make small or even no down
    payments at all, and encouraging lenders the use of floating or
    adjustable interest-rate mortgages, including those with low
    ‘teasers.’”

    The liberal
    Village
    Voice
    previously chronicled how Clinton
    Administration housing secretary Andrew Cuomo helped spawn the
    mortgage crisis through his pressure on lenders to promote affordable
    housing and diversity. “Andrew Cuomo, the
    youngest Housing and Urban Development secretary in history, made a
    series of decisions between 1997 and 2001 that gave birth to the
    country’s current crisis. He took actions that—in combination
    with many other factors—helped plunge Fannie and Freddie into the
    subprime markets without putting in place the means to monitor their
    increasingly risky investments.

    He
    turned the Federal Housing Administration mortgage program into a
    sweetheart lender with sky-high loan ceilings and no money down, and
    he legalized what a federal judge has branded ‘kickbacks’ to
    brokers that have fueled the sale of overpriced and unsupportable
    loans. Three to four million families are now facing foreclosure, and
    Cuomo is one of the reasons why.” (See Wayne
    Barrett, “Andrew Cuomo and Fannie and Freddie: How the Youngest
    Housing and Urban Development Secretary in History Gave Birth to the
    Mortgage Crisis,” Village Voice, August
    5, 2008).

    Investors Business Daily had an editorial yesterday about
    how another federal “law
    designed to encourage minority homeownership” also contributed
    to the mortgage crisis by pressuring lenders to make risky
    loans.