June 6, 2013

Hispanic Real Estate Professionals: Gang of Eight will reinflate home prices

The relationship between Hispanic immigration and the housing bubble and bust of the last decade is one of those things you aren't supposed to think about ... unless you are the National Association of Hispanic Real Estate Professionals and then your attitude is: Let's Do It Again!

From the New York Times:
REAL ESTATE | MORTGAGES 
Awaiting Immigration Reform 
By LISA PREVOST 
JUNE 6, 2013
Passage of immigration reform could be a boon to the real estate and mortgage markets over the next decade. 
So says the National Association of Hispanic Real Estate Professionals in San Diego. If Congress approves legislation providing a pathway to citizenship for undocumented immigrants, the organization expects the country’s pool of home buyers to swell by three million, generating some $500 billion in new mortgages. 
The estimates are based on the assumption that some six million unauthorized immigrants would probably pursue legalization if given the opportunity. That’s a little more than half of the total number of unauthorized immigrants in the United States, which the Pew Research Hispanic Center estimates to be 11.1 million. Almost 60 percent of those are Mexicans. 
The association calculated that about three million of those who would pursue legalization would also buy homes, based on previous rates of homeownership among foreign-born households, said Gary Acosta, the chief executive of the real estate association. 
The $500 billion in real estate transactions would also generate $25 billion in mortgage origination and refinance income, and $28 billion in commission income to real estate professionals, the association says. 
“It’s not what we expect to happen in a year or two, but over 5 to 10 years,” Mr. Acosta said. “These are people who can’t get mortgages right now, and they’re primarily living in the shadows.” 
The association did not try to break down the economic benefits by region, but Mr. Acosta said the effects would be concentrated in states with large Hispanic populations. More than 60 percent of the country’s Hispanic residents are concentrated in a handful of states, among them New York, though Mr. Acosta notes that Hispanic populations are growing rapidly in “nontraditional” states like North Carolina, Oklahoma and Utah. 
Hispanic households are already a strong force in the nation’s housing market. A previous report from the association found that from 2000 to 2012, the net growth in new-owner Hispanic households was 58 percent, versus 5 percent for the rest of the American population. 
Mr. Acosta attributed the growth to several factors. The Hispanic population is a “younger demographic that’s just moving into prime-home buyer years.” Their household makeup tends toward two-parent families, making them more likely to buy. And in surveys, Hispanics report a “fundamental desire to participate in homeownership,” Mr. Acosta said. 
The share of home purchase mortgages issued to Hispanic borrowers in New York peaked in 2006, just over 16 percent, according to data provided by Mr. Madar. It then declined sharply, and as of 2011 stood at just under 10 percent. 

Let the good times roll! What could possibly go wrong?

38 comments:

Horace Staccato said...

This is the story of our era: Lower your standards to the point to which you might as well not even have any, for the purpose of a fleeting short-term gain of nothing much in particular, and the result of which is the destruction of everything good, successful and worthy.

The most glaring example recently is the Diversity Housing Bubble. That entire debacle is proof that the Leftist elite is mentally ill. Most of our ruling elite is composed of people of higher-than-average intelligence and yet they were almost all on board for Bush's insane attempt to turn Hispanics into suburban, White Republicans. Most of them acted as if an overpriced housing market fueled by bogus loans was proof of a healthy economy.

In the middle of the Bubble the leader of the corporate parent company of our major daily newspaper thought that the Bubble was a perfect economic climate for him to acquire Knight-Ridder: a massive, failing, bankrupt string of newspapers and other properties. There were no other buyers, but that didn't give him a clue. He plunged the company into debt to buy this rotten, stinking mess.

When the Diversity Housing Bubble burst, as the fellows at the Daily Reckoning had been accurately predicting from the beginning, the corporate boffins all raised their hands in horror and wailed, "who could have foreseen such a tragedy?" as our new acquisition almost took the original corporation down with it. We have not recovered, nor will we.

Our corporate "leaders" were smart enough and had the proper information to see that the U.S. economy was being systematically destroyed by Leftist policies and that the Bubble was just another fraud. But their actions indicated that they were true believers in this lie. The only conclusion to draw from this is that our ruling elites are mentally ill. They are able to deny reality even when that reality is completely obvious. Their mental illness is caused by fear of the consequences of destroying the system of lies the Left has constructed. Even now, the government is still trying to reinflate the housing bubble. To them that utter fraud based on a lie was "the good old days."

Anonymous said...

Personality, its not the Hispanics driving the prices but the Chinese are. During the housing boom, California had lots of foreign offers and so did Florida. An article talk about Chinese real estate investment, so forget Hispanics, Chinese driving force behind high prices.

Anonymous said...

Chinese and Koreans drove real estate in Irvine, fastest growing city in California. Chinese and other Asians driving prices in San Gabriel Valley. Irvine grew about 52 percent in a decade, Hispanic population only 9 percent and Asian 39 percent.

Anonymous said...

Hispanics have the lowest home ownership in California even with big numbers. Asians and Whites more likely to own while Hispanics in La, Santa Ana and Anaheim more likely to be renters. Hispanics under 50 percent versus about 65 percent for whites.

Anonymous said...

Hey, wasn't Jeb Bush in the real estate industry?

Anonymous said...

So what they're saying is, "Let's keep this Pozi scheme going!"

Anonymous said...

the National Association of Hispanic Real Estate Professionals


Why the expletive deleted is there ANY SUCH THING as a "National Association of Hispanic Real Estate Professionals"?

Anonymous said...

OT but worth a gander...

http://www.nationalreview.com/article/350017/torching-utopia-tino-sanandaji

...really well-written

A Working Class American said...

now you are starting to get close to one of the main driving forces behind what makes america what it is--a livestock operation where humans are the livestock. We are being farmed. The ranchers are the industries, Finance, banking, real estate, retail. Growth comes primarily from immigrants. Immigrants are greedy and materialistic. Just what the ranchers want. The ranchers to cram as many livestock on the ranch as they can. They sell goods and services and they buy labor. Growth. Immigration. Livestock.

carol said...

I have a theory that this latest amnesty push is about bringing back the bubble economy, and nothing else. OK maybe as an ancillary concern, it's the only way to prop up boomers' entitlements, too. It works like this:

1. Open the doors to mass immigration.
2. ???
3. Tax coffers overflow!

Anonymous said...

" living in the shadows" lol. Never heard that in conjunction with getting a mortgage. What's next? By the way anyone who thinks these people are " living in the shadows" is either lying or living under a rock.

Anonymous said...

http://uncensoredsimon.blogspot.com/2013/06/no-wasps-in-bees.html

Perfect metaphor for our age.

We must all speak Yiddish politically, but Jews get to decide what is the proper spelling and terminology.

"My own feeling on the mater is that Yiddish words should not pop up on American spelling bees. They can manifestly be spelled in too many ways, and who is to say that the not universally respected Webster’s Third should be the unquestioned authority?"

Yiddish takes over English spelling bee, and a Hindu boy wins.
It sounds so much like the New America.

In American Yiddish, 'white' and 'power' must never be used together.

Anonymous said...

Note that real estate developers and the real estate industry in general tends to be pro-Republican Party. They're major financial backers of the Republicans.

Anonymous said...

Steve, write about the recent leaks that point to the rise of a surveillance state.

What are your thoughts(do you even have any?).

Luke Lea said...

I'd like to know more about the methodology on which that estimate of eleven million illegals is based. It seems like we've been stuck on eleven million for an awfully long time.

eah said...

Hispanic Real Estate Professionals

Quick reminder: Assuming we are speaking primarily about (sales) agents here, they make their money on the initial transaction -- whether or not the mortgage is ever repaid is of no direct concern to them.

Now a tip for young Americans (Hispanic and 'other'): If you want to make a lot of money, get a job where you preside over transactions involving large amounts of money, since you usually get a percentage as a commission or fee, and often little difficult work is involved.

I also note how casually the media reports on organizations like the "National Association of Hispanic Real Estate Professionals ", ie as if their existence is the most natural thing, whereas the founding of a white organization always garners national attention as something controversial, including talk of "the future of organized hate".

Anonymous said...

Note that real estate developers and the real estate industry in general tends to be pro-Republican Party.


You obviously don't know any people in real estate.

Anonymous said...

anyone who thinks these people are " living in the shadows" is either lying or living under a rock.



Especially given the recent news that the government is constantly spying on every one of us. There are no "shadows" in America.

Anonymous said...

http://youtu.be/RQj0Saj3L4s

RIP

Anonymous said...

Rinat Karimov

http://www.youtube.com/watch?v=3lW-pInA4ME

http://www.youtube.com/watch?v=pG5kX-X8Iak

http://www.youtube.com/watch?v=IuyYxUD09AI

Rinat Karimov fan.

http://www.youtube.com/watch?v=DPpZ_tmxdLI

no joy in mudville said...

A housing market bubble and the resultant global economic collapse is unfortunate; but if diversity were to suffer instead, well, that would be even worse.

Anonymous said...

Wasn't it Einstein who said that the definition of madness was 'doing the same thing over and over and expecting a different result'?

Anonymous said...

http://www.youtube.com/watch?v=gLNYO0AnouI

Uncle Harry loves music.

Anonymous said...

You obviously don't know any people in real estate.

I do know people in real estate. Which is irrelevant anyhow.

You obviously don't know what you're talking about.

The real estate industry is traditionally a major backer of the Republican Party. Especially real estate developers and mortgage bankers, the major components of the industry.

Ricky Roma said...

"the National Association of Hispanic Real Estate Professionals" - isn't that a mite grandiloquent for a bunch of RE/MAX agents in cheap slacks or skirt suits with business cards that say Perez or Cabrera... If up to me I'd go for "Los Tiburones Vibrantes"

Steve Sailer said...

http://www.youtube.com/watch?v=gLNYO0AnouI

Uncle Harry loves music

You Know Who is sitting in the front row, clapping along.

Does any moment of RK's life go un-videoed?

Anonymous said...

Mr. Acosta attributed the growth to several factors. The Hispanic population is a “younger demographic that’s just moving into prime-home buyer years.” Their household makeup tends toward two-parent families, making them more likely to buy. And in surveys, Hispanics report a “fundamental desire to participate in homeownership,” Mr. Acosta said.

As we have mention several times, Hispanic families are more single parent families since a higher out of wedlock births. For example, the division between Anaheim's flatlands and Anaheim Hills shown more married couples in Anaheim Hills even if whites in California get divorce more than Hispanics. This was the study shown by N Sixx least year of the little vandalism in Anaheim between gangbanges and Police.

Anonymous said...

Probably, realtors are spilt betwen Dems and Republicans there not as Republican as people believe. I knew one minority realtor that is very Democratic. And the minority ones probably voted for Obama.

Anonymous said...

The most glaring example recently is the Diversity Housing Bubble. That entire debacle is proof that the Leftist elite is mentally ill. Most of our ruling elite is composed of people of higher-than-average intelligence and yet they were almost all on board for Bush's insane attempt to turn Hispanics into suburban, White Republicans. Most of them acted as if an overpriced housing market fueled by bogus loans was proof of a healthy economy.
Well, a lot of the suburbs have moved Democratic even if the Dems are into the urban movement, they still get votes from Suburbs as well as Republicans. And many high Hispanic cities like Anaheim and Santa Ana get no longer be called suburbs because of their sized which is over 300,000 people and Anahiem is larger in population than Pittsburgh PA.

Anonymous said...

amily, community, value. You'll find it all, plus more, at the Garden Grove Collection. Discover a private, safe and gated enclave of only 56 beautiful single family homes, uniquely designed with your lifestyle in mind. These spacious, open floor plans, offer 4 — 6 bedrooms and 1,800 — 2,925 square feet. Enjoy a recreation area including a pool, spa, cabanas, outdoor fireplace and a community garden.

Best of all, your new home is near everything you and your family love: Mile Square Regional Park, 3 Regulation Golf Courses, 2 Regulation Soccer Fields, Baseball, Softball Diamonds, Archery Range & Wilderness Area. Looking for some family fun? With convenient access to 405 and 22 Freeways, you are just minutes away from some of Orange County’s best shopping, dining and entertainment, including South Coast Plaza, Little Saigon, Honda Center, Angel Stadium, Disneyland and much more! Garden Grove is split between Hisapnics and Asians yet the new housing developments at aimed more at the Vietnamese and Koreans who tend to do a little better in terms of income or getting relatives to go into buying houses. Not saying that Mexicans don't buy houses but the new ones in California in the coastial instead of the inland counties are aimed at Asians or Whites more than Hispanics. In the OC, Irvine has the most new housing and in South County, Rancho Mission Viejo aimed at 55 and older whites and whites with higher income that have kids.

Anonymous said...

Actually, take Irvine, Larry Agaran a powerful Democratic in the city went from slow growth to high growth. He was behind Irvine switching from commerical development to houses. Larry was trying to shift Irvine politics from mildy Republican to Democratic by making Irvine more Asian or Middle Eastern and slighly more Hispanic. Steve Choi the Republican mayor now wants to slow the housing down.

Anonymous said...

The real estate industry is traditionally a major backer of the Republican Party.


Your saying it does not make it so.

Follow the link ..

Cail Corishev said...

I knew one minority realtor that is very Democratic.

Sigh. Steve, could you replace the captcha with one that tests whether people understand the difference between "most" and "all"?

Anonymous said...

Mobile Homes are growing again in California and other places, Hispanics would be a group to aim Mobile Homes at, in fact in Ca, Tx and so forth Mexicans are more likely to live in Mobile Homes. Granted, this would help some lower middle class whites as well get a home.

Maxwell Power said...

The connection between realtors (or a separate category, developers) and the GOP is old conventional wisdom, i.e. there is much truth in it. It's like saying Democrats are the party of lawyers, valid even though every other Republican now has a J.D.

The perception that incentives of the interest group line up with one party over another lags social change; after the 80s not many paleoleft farmer or AFL-CIO Democrats are still in charge but (out of necessity) they've grown cozy with realty/development, finance, pharma, telecoms, you name it. Look no further than POTUS, a Clintonian in spite of himself

Anonymous said...

The connection between realtors (or a separate category, developers) and the GOP is old conventional wisdom, i.e. there is much truth in it. It's like saying Democrats are the party of lawyers, valid even though every other Republican now has a J.D.

The perception that incentives of the interest group line up with one party over another lags social change; after the 80s not many paleoleft farmer or AFL-CIO Democrats are still in charge but (out of necessity) they've grown cozy with realty/development, finance, pharma, telecoms, you name it. Look no further than POTUS, a Clintonian in spite of himself
6/7/13, 2:53 PM Well, in the Greater La area many of them are Democratics. So,the old wisdom doesn't hold true.

Maxwell Power said...

What's your point, kid? Ever hear the names Richard Riordan or Wayne Ratkovich? Anyway L.A. is mostly Democrat territory except for pockets of Orange and, to a lesser extent, Riverside/SB counties. The times they are changing.

Anonymous said...

Japan has no immigrants and yet it had the biggest and most incredible stock and property bubble of all time in 1989. Back then, the land on which the Emperor's palace is built was worth more than the land in the entire state of California. No immigrants were need to drive that up.

There are good arguments against hispanic immigration or against immigration generally. This isn't the best.