Markets & Economy

NAHREP: Immigration reform would boost housing

Industry group says increased demand could boost real estate commissions by $28B over 5 years

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Proposed immigration reform could pump more than half a trillion dollars into the U.S. economy by paving the way for about 3 million Hispanics to buy homes over a five-year period, according to an estimate released by the National Association of Hispanic Real Estate Professionals (NAHREP). In addition to generating $500 billion in home sales, income and spending, immigration reform would also create demand for an additional $233 billion in loan origination fees, real estate commissions and consumer spending associated with homeownership, NAHREP said. Real estate agents would collect an additional $28 billion in commissions as a result of home purchases sparked by immigration reform, NAHREP estimates. NAHREP said it based its projections on updated data and methodology used for a 2004 study, "The Potential for Homeownership Among Undocumented Workers." “Foreign-born householders have a high value and strong desire for homeownership,” NAHREP President Juan Martinez said i...