Mortgages: Immigration reform could be a boon to real estate

That said the National Association of the professionals of real estate of Hispanic in San Diego. If Congress approves legislation providing a pathway to citizenship undocumented migrants, the organization expects the pool of the country of home buyers to inflate 3 million, generating approximately 500 billion from $ in new mortgages.

The estimates are based on the assumption that some unauthorized immigrants 6 million would probably continue legalization if the opportunity. It is a little more than half of the total number of immigrants to the United States, which the Pew Hispanic Center Research believes to be 11.1 million unauthorized. Almost 60% of those who are Mexican.

The association has calculated that about 3 million of those who continue the legalization would also buy houses, based on the previous rate of accession to ownership of household born abroad, said Gary Acosta, the Chief Executive of the association of the building.

500 Billion $ in real estate transactions would also generate 25 billion $ in mortgage origination and refinance revenues and 28 billion $ in Commission income in real estate, the precise association professionals.

"This is not what we expect to happen in a year or two, but more than 5 to 10 years," said Mr. Acosta. "These are people who can not obtain mortgages right now, and they mainly live in the shadows."

The association did not attempt to break the economic advantages of the region, but Mr Acosta said that the effects would concentrate in the States with large Hispanic populations. More than 60 percent of the country's Hispanic residents are concentrated in a handful of States, whose New York, even though Mr. Acosta notes that Hispanic populations are growing rapidly in 'non-traditional' State as in North Carolina, Oklahoma, and Utah.

Hispanic households are already a force in the nation's housing market. A previous report by the association found that between 2000 and 2012, the net growth of Hispanic households new owner was 58 percent, compared to 5% for the rest of the U.S. population.

Mr. Acosta attributed the growth to several factors. The Hispanic population is a "young demographic that moves just in the broadcast years original purchaser.". Their household composition tends toward two-parent families, making them more likely to buy. And in the polls, Hispanics report "a fundamental desire to participate in the home ownership," said Mr. Acosta.

The five boroughs of New York City would probably see an increase in the demand for housing should Congress adopt an amnesty measure. At present, the rate of home ownership among the 30 percent of the Hispanic population is only 15 percent, half the rate citywide on Josiah Madar, researcher at the Furman Center for real estate and urban policy at New York University.

Mr. Madar studied not what share of the city's Hispanic population is undocumented, but the low rate of home ownership suggests that the legal status plays a role. "There could be many potential buyers in this population," he said.

The share of mortgage buy House issued to borrowers Hispanic in New York peaked in 2006, a little more than 16 percent, according to data provided by Mr. Madar. He then declined abruptly and from 2011 amounted to slightly less than 10 percent.

The fate of the measure of reform of immigration in Congress is uncertain. Mr. Acosta said that his organization believed that a legal path to immigration should be "necessary component" to any reform measure.

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