Homeownership has historically been dominated by white Americans, but the face of homeownership could change dramatically in the next few decades. New opportunities are arising for the real estate and mortgage industries to help minority groups achieve their homeownership goals, according to First American Financial Chief Economist Mark Fleming.Although homeownership rates have dropped to generationally low levels, growth in some minority groups will drive increases in household formation -- and ultimately, household demand from those groups, said Fleming, who leads an economics team responsible for analysis, commentary and forecasting trends in the real estate and mortgage markets at the title insurance, settlement services and data solutions provider.First American also anno...
- First American Financial Chief Economist Mark Fleming predicts that growth in some minority groups will drive increases in household formation -- and ultimately, household demand from those groups.
- First American also announced that it has launched a new online resource that will focus on economic and cultural trends shaping American homeownership.
- The U.S. Census shows that minorities will become the new "minority-majority" by 2045, and homeownership rates among minorities are expected to increase.