The highly-publicized immigration reform bill, which passed through a Senate committee on Tuesday, could open a wave of new homebuying opportunities, it has been claimed.
The National Association of Hispanic Real Estate Professionals released a report today detailing that the reform, which could see the 10m undocumented immigrants living in the US a pathway to citizenship, could add 3m prospective homebuyers to the market. This could potentially spur approximately US$ 500bn in new mortgages and US$ 25bn in mortgage origination and refinance income, the report said. Approximately a third of all foreign-born immigrants are currently homeowners, according to a report from the Research institute for Housing America
Homeownership amongst foreign-born immigrants is expected to rise mostly in states like Texas and Florida, which together are projected to bring in roughly 834,000 borrowers alone, the report said.
Gary Acosta, NAHREP Co-Founder and CEO and chairman and New Vista Asset Management said that in 2012 alone, 350,000 hispanic people became homeowners, much higher than native-born citizens.
According to the Research Institute for Housing America report, from 2010 to 2020, immigrants are projected to account for roughly 36% of the growth of all homeowners, a number that also reflects the 3m in added homeowners.