Housing Improvement Tied to Hispanic Surge

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Hispanics have made positive gains in the housing market over the last year despite a sluggish economy, slow employment growth, and the ongoing credit crunch. The latest U.S. Census figures for June show year-over-year Hispanic homeownership rose by 7.3 percent from 6.2 million to 6.7 million.

James Parrott, senior adviser for the White House National Economic Council, remarks, “If you took out the new Hispanic home owners, you’d have a net loss of home owners because of foreclosures, people moving from home owners to renters. The fact that we’re not in the red is solely the result of growth of Hispanic homeownership.”

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