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Homeownership common among the foreign-born

Homeownership rate is quite high among the foreign-born population in America.

While many immigrants living in the U.S. have been able to send money overseas to their families in recent years, they’ve also been earning enough to put money down on a home of their own, recent statistics reveal.

According to the latest numbers from the U.S. Census Bureau, more than half of foreign-born U.S. residents – 52 percent – owned their very own property in 2011, the latest year for which data is available. This contrasts with about a 67 percent homeownership rate for U.S. residents and citizens who were born in the country.

While the rate of homeownership was high among all foreign-born residents, it’s particularly common among individuals who’ve naturalized. The Census report notes that foreign-born residents who’ve gone through the naturalization process were more likely to be homeowners, as approximately two-thirds of them could be classified as owner-occupiers. The rate of homeownership among non-citizens, meanwhile, was 34 percent.

Elizabeth Grieco, chief of the foreign-born population branch at the Census, indicated that homeownership is something virtually every American hopes to achieve at some point in their lives and it’s clear that those who came here from overseas have similar aspirations.

“Homeownership is a goal shared by many residents of the United States, both native- and foreign-born, citizen and noncitizen,” said Grieco. “For immigrants in particular — who maintain nearly one in seven households in the U.S. – making the transition from renter to homeowner represents a significant investment in the United States.”

Lengthy stays increase likelihood of homeownership
And it appears as though that the longer immigrants have been in the U.S., the more likely it is that they wind up purchasing a property eventually.  For example, among foreign-born householders that came to the U.S. 33 years ago, approximately 75 percent owned their own residence as opposed to rented. Meanwhile, among individuals who have lived in the U.S. in the past 13 years, about 25 percent owned rather than rented.

There were also some disparities when it comes to where immigrants lived. Among foreign-born householders who live in the Northeast, the rate of homeownership was above the 52 percent average in parts of New York and Pennsylvania. In fact, throughout much of New Hampshire, the foreign-born homeownership rate was in excess of 60 percent.

According to the Immigration Policy Center, there are about 69,500 immigrants who live in the Granite State, 54 percent of whom are naturalized.

There was a tremendous amount of variability from one state to the next outside of the Northeast. For example, New Mexico’s homeownership rate among foreigners was in excess of 60 percent, but it was below 40 percent in Washington, D.C. 

There was also some level of unpredictability for homeownership among foreign-born householders who originated from certain parts of the world. For instance, the rate of owner-occupied status was under 40 percent among households headed by someone who was born in Africa, which contrasts with 66 percent of Europeans.

The Census Bureau’s statistics coincide with those released by the National Association of Realtors this past June. In its Profile of International Home Buying Activity, NAR notes that residential purchases among the foreign-born totaled $82.5 billion between March 2011 and 2012, up from $66.4 billion when contrasted with the same 12-month span the previous year.

International buyers represented the largest portion of real estate purchases in states where the immigrant population is high, including Florida, California, Texas and Arizona, NAR numbers show.

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    You state: Eventually, the new recession will cause a lot of dutfelas, but what we are interested in is not the dutfelas caused by the recession but the dutfelas that caused that recession. Why chose between recession-caused dutfelas or default-caused recession? Even discounting normal (recession neutral) or recession-caused dutfelas leads to an understatement of the sought after magic at blame dutfelas causing the recession because the net default difference is necessarily defined as dutfelas causing the recession -the only other category identified. The default pool remaining after discounting recession-neutral or recession-caused dutfelas likely still includes both of those categories. If the recession itself and the recession-causing (I’d say contributing ) dutfelas are the result of the same cause, aren’t there likely to be included among the discounted recession-caused dutfelas many that should be lumped with recession causing ones -i.e. recession-caused dutfelas specifically caused by THAT particular recession? We’re trying to identify blame, not blame a particular default type and many from each category share the same blame artificial manipulation of the credit markets. If Bush sought to add 5.5 million homeowners to a nation that has approx 8 million new and existing home sales annually (even if the 5.5 is spread out over several years), that is a massive and wildly unnatural increase in demand. Please don’t forget the regular and non-minority loan applicant who would have qualified for, say, a $150k mortgage based on income, assets, credit score, proforma debt ratios, etc. When CRA approves that $150k at lower credit worthy levels of each, the original $150-qualified borrow and lenders extrapolate to develop a market for CRA-proportional credit the non-minority who saved and paid bills for $150k approval fills out the application for new no stated/verified Jumbos. I still don’t buy that minority dutfelas caused the recession. Qualified non-minorites necessarily then qualified for greater debt than THEY could afford -larger values of risky loans by a larger number of (non-minority) borrowers. Equal opportuniy for the un- or under-qualified. Granted, equal opportunity created for a minority-speific purpose. Minorities aren’t to blame, their kidglove fondlers like Barney Frank are.So home prices at entry level soar (as they did) which either pushes entry level homeowners up a level (elevating owners of each level in turn) or entry level homeowners remain and borrow (and SPEND!) against equity. Both grow the economy wouldn’t $10T in annual consumer spending get a boost from $5T in paper real estate gains essentially converted to credit cards? But that growth (not only for continuation but to be preserved at some level) would seem to require continued demand. However, home ownership remained at fairly steady percentages of the population or grew manageably in pre-CRA America in the face a market equilibrium. This isn’t a typical recession. It is a ponzi bubble. And its bursting (causing a recession ) is sibling to the dutfelas causing (or rather contributing) to it.The question isn’t recession-caused or recession-causing dutfelas. No need to disaggregate. The question is what percentage of the chicken and egg mess is the result of the same thing overriding all private, centuries’ proven bank management and a race neutral credit market that is the minimal-margin-for-error base of our entire economy to advance social theory and transfer wealth to political constituencies. Note: just observation made by a non-professional, could well be missing important facts or entirely wrong.

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