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Latinos Make Home-Buying Advances

November 20, 2001|Diane Wedner

Latino homebuyers accounted for a record portion of third-quarter California home purchases, the result of a steady increase in the numbers of Latino young adults and the availability of innovative mortgage products, according to a real estate report.

Buyers with Latino surnames bought 20.4% of the homes sold in the state during the July-September period, up 18.1% from the same period a year ago, according to DataQuick Information Services.

In 1989, when such data first were collected, Latino homebuyers accounted for 12.6% of the market in the third quarter.

The surge in homeownership reflects the burgeoning population of Latinos age 25 to 34, the prime years for home buying.

Also, lenders now offer mortgage products with flexible terms that expedite home buying.

The median price for homes bought by Latinos was $175,000 last quarter, while the median for all buyers was $234,000.

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