The data suggest a very different narrative since Dodd-Frank was signed into law by President Obama. Namely, the law has made it much more difficult for immigrants and first-time buyers to qualify for loans.
What about those immigrants about which the Left is so very concerned?
According to the 2014 State of Hispanic Homeownership Report:
- Between 2000 and 2014, Latinos accounted for 65% of the growth in the U.S. labor force. ~1M US-born Latinos entered adulthood each of those years, substantially contributing to U.S. labor force growth.
- The State of Hispanic Home Ownership Report for 2014 revealed that Latinos outpaced the 5% average gain in home ownership percentage between 1994 and 2005 by 2% (i.e., 7%).
- From its high point of 49.7% in 2006, Latino home ownership fell to 45.4% at the end of 2014. In 2012, Latino net homeownership did increase by 347k. However, the overall effect for the past three years was that rate fell and by 2014, the net ownership by Latinos only increased 54k.
So, Dodd-Frank was passed ostensibly to restrain banks from making inappropriate loans to risky buyers who could not pay them back. The outcome? The law actually keeps immigrants from purchasing homes.
Then, too, what about all of those young people?
According to the California Realtors' Homeowners Affordability Report, only 28% of Los Angeles residents today can afford to buy a home in the Los Angeles area.
That's real "care" for the Averages and Below-Averages, isn't it? Here's looking out for you!
Let the discussion begin...
To access the 2014 State of Hispanic Homeownership Report, click on the following link:
To access the data from the California Realtors' homeowners affordability report, click on the following link: