Hispanic homeownership increased 47% between 2000 and 2007, fueled by “non-prime” mortgages.

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Graphic via WSJ

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Source:
Foreclosure Crisis Hits Hispanics Hard
January 5, 2009

http://online.wsj.com/public/resources/documents/hispanics08_map.html

Category: Credit, Digital Media, Real Estate

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One Response to “Foreclosure Crisis Hits Hispanics Hard”

  1. Maseratij says:

    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 !!!