Industry News

Undocumented immigrants could add $44 billion to housing

Removing barriers would boost home ownership

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Undocumented Hispanic immigrants would add an estimated $44 billion in new mortgages to the housing economy if barriers were removed and they were given access to buy homes in the United States, according to a study released Monday. The study, commissioned by the National Association of Hispanic Real Estate Professionals, asserts that nearly a quarter million of the estimated 1.5 million undocumented immigrant households in the U.S. could become homeowners if barriers such as identification, legalization, traditional credit requirements and language were no longer issues. The report states that the flow of capital from these home purchases also would stimulate business across the financial services, construction and remodeling and retail sectors. "Undocumented Latinos are an invisible element in our economy today...This is a matter of economics. As homeowners, these people would make enormous contributions to local communities all across America," said Gary Acosta, chairman and cofou...