Posted on: April 3rd, 2007
Filed Under: [ Hispanic News ] [ Press Releases ] [ Real Estate ] [ Research ]
Tags: non-profit
GMAC Mortgage, LLC and the Tomás Rivera Policy Institute (TRPI)at the School of Policy, Planning, and Development at the University of Southern California, haveannounced the results of a comprehensive survey conducted by GMAC Mortgage on home ownershipamong 4,000 Latinos in the United States. The survey revealed that Latinos hold substantial power whenit comes to the United States housing market.
Key findings from the survey include:
- 72 percent of surveyed Latino non-homeowners have considered buying a home;
- 45 percent have owned or purchased a home in the United States;
- 51 percent of surveyed Latinos homeowners are likely or somewhat likely to obtain a loan, such as a home equity loan;
- 59 percent of those surveyed Latinos understand the importance of having good credit history to qualify for a mortgage or home loan; and
- Only 31 percent of surveyed Latinos feel they have a good credit history.
Detailed findings from the survey will be released in a white paper authored by GMAC Mortgage, inassociation with the Tomás Rivera Policy Institute (TRPI), a non-profit research organization focused onkey issues affecting Latino communities. The white paper will be released on April 12, 2007, at the TomásRivera Policy Institute’s Growth Strategies for Corporate America: Increasing Wealth in the LatinoCommunity conference to be held April 12-13, 2007, in Beverly Hills, Calif. It will include several newfindings on Latinos’ attitudes toward a variety of real estate and financial issues.
“We conducted this survey in response to the lack of detailed home ownership information available toLatinos,” said Ennio Garcia-Miera, vice president, New Markets Group, GMAC Mortgage. “The surveyrevealed that there is a significant opportunity for companies to help thousands of Latinos realize thedream of owning a home.”
“It is crucial that comprehensive data exist so that companies can accurately service the Latino markets byrecognizing both the opportunities and challenges faced by these groups,” said Harry P. Pachon, Ph.D.,president of the Tomás Rivera Policy Institute. “The survey results from GMAC Mortgage are a wake-upcall that Latinos currently hold and will continue to gain considerable real estate buying power.”
The white paper will be available on April 12 at http://www.gmacmortgage.com and http://www.trpi.org.
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