Latino Home Buying Survey.
March 3, 2007
GMAC Mortgage, LLC and the Tomás Rivera Policy Institute (TRPI) at the School of Policy, Planning, and Development at the University of Southern California, have announced the results of a comprehensive survey conducted by GMAC Mortgage on home ownership among 4,000 Latinos in the United States. The survey revealed that Latinos hold substantial power when
it comes to the United States housing market.
Key findings from the survey include:
– 72 percent of surveyed Latino non-homeowners have considered buying a home;
– 45 percent have owned or purchased a home in the United States;
– 51 percent of surveyed Latinos homeowners are likely or somewhat likely to obtain a loan, such as
a home equity loan;
-59 percent of those surveyed Latinos understand the importance of having good credit history to qualify for a mortgage or home loan; and
• Only 31 percent of surveyed Latinos feel they have a good credit history. Detailed findings from the survey will be released in a white paper authored by GMAC Mortgage, in association with the Tomás Rivera Policy Institute (TRPI), a non-profit research organization focused on key issues affecting Latino communities. The white paper will be released on April 12, 2007, at the Tomás Rivera Policy Institute’s Growth Strategies for Corporate America: Increasing Wealth in the Latino
Community conference to be held April 12-13, 2007, in Beverly Hills, Calif. It will include several new findings on Latinos’ attitudes toward a variety of real estate and financial issues.
“We conducted this survey in response to the lack of detailed home ownership information available to Latinos,” said Ennio Garcia-Miera, vice president, New Markets Group, GMAC Mortgage. “The survey revealed that there is a significant opportunity for companies to help thousands of Latinos realize the dream of owning a home.”
“It is crucial that comprehensive data exist so that companies can accurately service the Latino markets by recognizing both the opportunities and challenges faced by these groups,” said Harry P. Pachon, Ph.D., president of the Tomás Rivera Policy Institute. “The survey results from GMAC Mortgage are a wake-up call that Latinos currently hold and will continue to gain considerable real estate buying power.”
