If currrent legislation that creates a path to legalization for 11 million undocumented immigrants is passed, the nation's Hispanic real estate leaders estimate that it would create a new pool of 3 million homeowners and pump more than $500 billion in sales, income and spending into the U.S. housing economy.
The National Association of Hispanic Real Estate Professionals calculate that as many as 6 million undocumented immigrants are likely to pursue legalization and possibly citizenship under the bill and up to 3 million would pursue home ownership based on the patterns of naturalized Latinos.
Foreign born householders have a high value and strong desire for homeownership. Homeownership is an integral part of the American Dream in the undocumented immigrant community. Our estimates in 2004 were very conservative and we received many calls from consumers who wanted to know what lenders were offering loans to immigrants, says Gary Acosts, NAHREP co-founder and a veteran housing leader who was chairman of NAHREP whent he study was conducted. With the possibility of a legitimate path to residency and citizenship, we expect this group to be eager to buy homes.
Other housing and corporate leaders that worked closely with the under served market agree that legalization will spark interest in home ownership among these latinos because they are already established in communities here in the U.S.
Immigration reform would unleash pent up demand for home ownership by millions of undocumented immigrants. It would help reestablish home ownership as a driving force in building wealth and accelerate the recovery of the nation's economy.
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