Hispanic / Asian home-buying on rise in US

DataQuick Information Systems of San Diego, CA. have analysed deeds and county assessment data nationwide in the US and discovered a dramatic demographic shift rise in the number of US Hispanic and Asian home buyers since 2000.

Nationwide the two most popular buyers surnames are Smith and Johnson, but Rodriguez has replaced Brown in 3rd. Four Hispanic names are in the top 10, compared with two in 2000.

Hispanic surnames rose to 14.6 % percent of all home buyers' names, from 10.3% 5 years ago.

Asians are also taking a bigger share of the market. Nguyen, a common Vietnamese name, moved from 23rd to 14th nationwide.

In California, almost 28 percent of home buyers are Hispanic and the five most common surnames are Hispanic. Only one Hispanic name was in the top five in 2000.

Dramatic demographic changes are everywhere. No Hispanic names appeared in the top five in Illinois in 2000. Now Garcia is third and Rodriguez fifth. Nevada went from zero to three and New Jersey from one to three.

The rate of homeownership among the nation's approximaten 43 Mn Hispanics hit a record 50 percent in the last quarter of 2005, says the department of Housing and Urban Development.

Low interest rates and much more flexible lending rules have contributed to the apparent increase. 25 years ago, lenders would not even consider spouse / partner's income when evaluating a home loan. Now various relatives can qualify by pooling their earnings.

Hispanics are likely to make up 40 percent of first-time home buyers over the next 20 years, according to the Harvard Joint Center for Housing Studies.

May 23, 2005

NCLR TO RELEASE REPORT ON WIDESPREAD PREDATORY MORTGAGE LENDING TARGETED AT HISPANIC HOMEBUYERS .... Read more Here

Freddiee Mac have 167 related documents bout Hispanic House buying listed here.. fascinating if interested.

In the current debate on immigration this is a subject which is going to be necessary to consider - If sales continue to rise as indicated it could well provide an underpinning of the market as buyers move upward.