Multi-Family Reaches Out to Latinos

Markets like Memphis are fast-recognizing the growing Latino population and its positive effect on the Multi-family industry. We're seeing entire apartment complexes are now marketing exclusively to the Latino demographic.

This group is largely family-oriented and work hard to provide for themselves and in many cases for family accross our border. Our discussions with multi-family owners and managers reveal that their Latino residents can be characterized by taking care of the premises and paying on-time.

We are also seeing positive changes in the single-family housing industry. The following is an excerpt from the WSJ-

"Hispanics account for one in 10 households in the U.S., but until recently the housing industry gave them short shrift. No longer. Home builders are loosening their credit standards to accept Hispanic home buyers who don't have long credit histories or who depend upon multiple paychecks to pay the mortgage. They're building homes to house extended families. The Segal brothers' company, CasAlegria, is in the process of translating into Spanish all the documents needed to buy a home. In the first quarter, 49% of Hispanic families owned homes, up from 41% in 1994. Still, that is well below the 69% homeownership rate for the total U.S. population, and the housing industry is looking for Hispanic homeownership to keep rising."

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