Industry News

Minority groups build clout in real estate

Latinos poised for larger role in housing market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

ORLANDO, Fla.–Immigration and the growth of minority groups have helped the nation to weather economic recession. And the continuing surge in population and buying power among minority and immigrant groups should not – and cannot – be overlooked, experts said during a cultural diversity panel today at the National Association of Realtors' annual conference. Jeffrey Humphreys, director of economic forecasting at the Selig Center for Economic Growth in Athens, Ga., said that the Hispanic population in America has an estimated buying power of $686.3 billion this year, and is projected to reach $992.3 billion in 2009. From 1990-09, the buying power among Hispanics is projected to grow 347.1 percent. Humphreys, a panelist during the forum, presented a preview of a study titled, "The Multicultural Economy, 1990-2009," which highlights buying power among African-Americans, Asians, Native Americans and Hispanics. The economic clout of the Hispanic population "will determine...