Near the end of its evening newscast Telemundo, NBC’s Spanish-language affiliate network, recently had the temerity to treat its viewership to two and a half minutes of good news. Three cheers for a buoyant economy in which Latinos make up 63% of new homeowners in the United States.
As real estate agent Santiago Sánchez points out to Telemundo correspondent Rubén Pereida, this rise in Latino home ownership is due to more Latinos working in better jobs throughout the nation.
SANTIAGO SÁNCHEZ, REALTOR: I have friends in Las Vegas, California, in all areas of the United States and they tell me the same thing. They say that the Hispanic market is the one growing the most right now.
(....)
Hispanics have better jobs, they have obtained better jobs and are more prepared to buy homes, and have been very well taught by their parents- who tell them to buy homes.
Although anchor José Diaz-Balart’s admission of a good economy for the nation's Hispanics is notable, no mention was made linking the economy to the policies put forth by the Trump Administration, even as he referred to the increase of Latino homeowners as exceeding even that of the nation's Anglos.
An interesting point made in the report is that, according to Pereida, “nearly half of Latinos in the United States are homeowners and according to realtors, it’s young people like Christopher (Navarrete, who was featured in the report) who in the last decade have mobilized this market.”
Never missing an opportunity to spice things up, Telemundo News managed to insert a spokesperson from The Resurrection Project, a liberal non-profit whose supposed alleged mission is to “build relationships and challenge individuals to act on their faith and values by creating community ownership, building community wealth, and serving as stewards of community assets”. Upon closer scrutiny, though, the group also provides “immigration legal services that protect the community from deportation.”
According to the groups spokesperson, Lizette Carretero, “Saving is the number one obstacle. The number two obstacle is credit”, two issues that are certainly not exclusive to Hispanics, and from what the report emphasized, certainly not a problem for what amounts to half of the nations homeowners.
Below is a complete transcript for the above mentioned report as it aired on Noticias Telemundo, on July 16, 2019.
Telemundo's Noticias Telemundo
July 16, 2019
6:46 p.m. EasternJOSÉ DÍAZ-BALART, ANCHOR, TELEMUNDO: Latinos are the ethnic group that has shown the most growth in the nation’s housing market over the past years. The number of Latino homeowners has increased 3.3% from 2015, a growth that even exceeds that of Anglos. Other numbers that reflect the impact of Latinos on the real estate market...look at these. Hispanics are 18% of the total population, but the group represents 63% of new homeowners over the past decade. The five states with the highest number of mortgages given to Latinos are: New Mexico, Texas, California, Florida and Nevada. This wave of Hispanic buyers is propelling the market though, as Rubén Pereida tells us, the lack of affordable housing and down payments still remain for many as a difficult barrier to overcome.
RUBÉN PEREIDA, CORRESPONDENT, TELEMUNDO: At 21, Christopher was able to buy this building with three apartments thanks to the help and motivation provided by his dad.
CHRISTOPHER NAVARRETE, HOMEOWNER: For me, the most important (reason) to have a property is to ensure my future and make the best investment. I can rent it and then with that same income I can pay the mortgage.
PEREIDA: Nearly half of Latinos in the United States are homeowners. And according to realtors, it’s young people like Christopher who in the past decade have mobilized this market.SANTIAGO SÁNCHEZ, REALTOR: I have friends in Las Vegas, California, in all areas of the United States and they tell me the same thing. They say that the Hispanic market is the one growing the most right now.
PEREIDA: Last year, Latinos accounted for more than 9% of the total number of mortgage loans compared to nearly 6% in 2010. Hispanics have better jobs, they have obtained better jobs and are more prepared to buy homes, and have been very well taught by their parents- who tell them to buy homes.
PEREIDA: One of the main challenges that Hispanics face when buying a property is saving money for the down payment and closing costs.
LIZETTE CARRETERO, RESURRECCIÓN PROJECT: Saving is the number one obstacle. The second obstacle is credit. When, traditionally, one has no social security (number), it is a little difficult to get credit.
NAVARRETE: I rent out the first floor...
PEREIDA: That's why Christopher recommends that all young Latinos inform themselves on the programs available to help them buy a property.
NAVARRETE: The younger, the better because the years pass quickly and one grows old, maybe become more difficult too.
PEREIDA: Rubén Pereida, Noticias Telemundo.
