The National Association of Hispanic Real Estate Professionals (NAHREP) commended President Obama for his remarks in the State of the Union address regarding the Dream Act. In addition to opening a path to citizenship for young undocumented immigrants, the bill would propose streamlined refinancing for distressed homeowners, according to a news release.
Both measures would create positive changes in the Hispanic community and have an upward impact on Hispanic homeownership, according to NAHREP.
"New, higher-educated and accomplished young Latinos are poised to become a force in the next generation of homeowners," Carmen Mercado, NAHREP president, said. "Immigration reforms that make it possible for the children of illegal immigrants to be a productive force in America will benefit us all."
"Our Latino families who are also struggling to avoid foreclosure and the communities in which they live will benefit from streamlined refinancing processes that enable them to remain in their homes," Mercado added. "We applaud the president for these solutions."
The rapid rise in the Hispanic population and the increase in college-educated Hispanics make them a likely driving force behind first-time home purchases, according to Hispanic real estate leaders.
Hispanic communities will be stabilized quicker through programs and measures that expedite short sales and enable new Hispanic homeowners to obtain financing to buy low-priced housing inventory, according to NAHREP.
In the third quarter of 2011, Hispanic homebuyers accounted for 53 percent of the nation's home sales, according to the news release.
NAHREP is a bipartisan professional organization with 20,000 members.
