Hispanic homeownership increased 47% between 2000 and 2007, fueled by “non-prime” mortgages.
>
Graphic via WSJ
>
Source:
Foreclosure Crisis Hits Hispanics Hard
January 5, 2009
http://online.wsj.com/public/resources/documents/hispanics08_map.html
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
read more »
January 5th, 2009 at 9:02 am
I am a Realtor processing foreclosures on the East Coast and I can corroborate the opinion. Let me say that I have not read the article yet, but the Hispanic Community has a very industrious adjustment to the environment. Most of the homes were large single family and Multi-Families in urban areas. In violation of local zoning many 1 or 2 unit homes intended for “related family” habitation were turned into small hotels charging by the room. Converting non bedrooms and auxiliary spaces into living spaces. Some of the owners are probably still positive in cash flow, but have lost too much equity. I hope the lower rates can get to them quick enough so they can hold on. 47% that is fantastic, it probably took Irish and Italians 50 years !!!