In my first post, we talked about Baby Boomers & Echo Boomers and in my second post, we talked about Single Women. With the growing population of Hispanics in many communities, these three groups represent a large part of the demographics that we as business people need to truly focus our attentions on.
In 1983, an estimated 8.5 percent of Hispanic renters were saving to buy a home, compared with 12.4 percent of white renters. In 2001, 22 percent of Hispanic renters and 17 percent of white renters were saving up for a home, according to the study.
Location is also a big part of this. California and Texas will greatly benefit from the housing boom because so many of their residents are immigrants. There are such agencies as ACORN Housing Authority, a HUD-approved housing counseling agency. Fannie Mae and Freddie Mac require that the borrowers for loans that they underwrite be legal residents, but Freddie Mac will allow alternative credit data. Individuals in both real estate and mortgages need to understand what these programs are and help to educate them so they can get the American dream also.
DEMOGRAPHIC SHIFT
In the 1960s and '70s, it was baby boomers with rock and disco, sexual liberation and political activism. In the '80s and '90s, it was African Americans and hip-hop that transformed the way we sang, danced, talked and dressed. And now, at the start of the 21st century, it's a new generation of Hispanics who are poised to become the next major cultural drivers.
U.S. marketers are not effectively reaching the burgeoning population of U.S. Hispanics because, according to the Association of Hispanic Advertising Agencies Chairman Carl Kravetz, most marketers "are not speaking" that demographics' language -- but he made clear he was not talking about Spanish.
The movement is driven by numbers. A 2003 study by Roberto Suro, director of the Washington-based Pew Hispanic Center, showed the numbers behind the trend. According to Suro, U.S. Hispanics make up 19 percent of people 20 to 34 years old, the crucial years when people move into adulthood and establish careers. By 2020, Latinos will make up almost one-fourth of children 5 to 19, a study by the California consulting firm Cheskin predicted.
Second-generation Hispanics are the fastest-growing portion of this country's largest minority, and by 2020 they will outnumber their immigrant parents. Their numbers are increasing more quickly than those of their white or black counterparts in the younger age groups that shape culture.
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Things are changing. There are more Hispanics on network television -- ABC's fall lineup features several, including Colombian actress Sofia Vergara on the comedy series Knights of Prosperity, and Jay Hernandez in a drama called Six Degrees. Carlos Mencia's Mind of Mencia is the second-most-popular show on Comedy Central.
Sports: On the Fast Track With Milka Duno Milka Duno is setting the pace for Hispanic race car drivers-male or female. She is pictured left.
MEDIA: Jeff Valdez
Jeff Valdez has come a long way from the days in which he worried about staying warm and fed in the housing projects of Pueblo, Colorado. Now living in Beverly Hills, Valdez is the genius behind SíTV, the nation's first and only English-language Latino television network-one that appears to be redefining the future of Hispanic media.
BUSINESS: Jorge Pérez
As the founder of a company that raked in nearly $2.1 billion last year, some might think Jorge Pérez of The Related Group of Florida is aiming to replace a certain real estate mogul whose ego is as big as his hair.
FOOD: Homaru Cantu
Onion soup topped with billowing clouds of liquid nitrogen, laser-zapped steak that's perfectly raw on the outside and cooked on the inside and, for dessert, a nice pipette-sized helping of hot ice cream. Sounds like the kind of items most likely found on the set of a science fiction show rather than a dinner table.
Conclusion
The study, using federal and industry figures from 2004 to analyze a sample of 50,000 loans, found that among subprime borrowers with similar credit ratings, blacks and Hispanics were 30 percent more likely than whites to be charged the highest interest.
In response to earlier studies of racial disparities, the mortgage industry has argued that the varied financial backgrounds of borrowers and a tendency for minority buyers to offer lower down payments were mainly responsible.
A spokesman for the mortgage banking industry challenged the conclusion, saying the report did not take into account all the legitimate questions about family wealth and debt, house appraisal and other factors that underwriters must consider when making a loan.
Overall, it comes down to educating the borrower, making them feel welcomed, and treating them like anyone else that you would work with. And yes, there is going to be a language barrier, unless you or someone else in your office can speak Spanish.
Here is a link for more information obtaining help through special financing programs. info@HispanicFoundations.org
Top Trendsetters series for your market areas:
- FHA Loans - USDA Loans - Conventional Loans - VA Loans - Mortgages -
Experience & Knowledge at its BEST !!!
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For more information on FHA loans, please go to this link. The FHA Expert
For more information about the 2008-2009 Tax Credit for First Time Homebuyers : 2008 Tax Credit
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!
Copyright © 2006 by Jeff Belonger
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