Dive Brief:
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The number of Hispanics who own homes in the U.S. has dropped to its lowest level in 16 years, the National Association of Hispanic Real Estate Professionals reported last week.
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The group’s 2014 State of Hispanic Homeownership report noted that the pace at which Latino homeowners are entering the housing market has slowed. In 2012, the report said, the number of Hispanics who owned homes grew by 347,000, while in 2014, that number was 54,000.
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In fact, the rate of homeownership among Hispanics grew by 7% between 1995 to 2004, higher than the national rate of homeownership overall, which grew by 5%, the report said.
Dive Insight:
The group blamed last year’s slowdown on stringent requirements for mortgage loans and higher financing costs.
In a separate action Friday, the association called on the government to “remove barriers” that prevent “ready, willing and able” Hispanic buyers from purchasing homes.
Association President Jason Madiedo pointed to federal government data that show Latino mortgage applicants face a denial rate of twice that of white loan applicants. “These denials block Latinos from achieving the American dream of homeownership, widen the wealth gap for that demographic and inhibit national economic growth,” the association said in a statement.