The estimates suggest a new pool of roughly 3 million new prospectivernhomeowners, capable of purchasing a home at the median price ofrn$173,000.  NAHREP based its projections on updatedrndata and the approach it used for its 2004 study “The Potentialrnfor Homeownership Among Undocumented Workers.” Using informationrnfrom that study it estimates that those 3 million prospectivernhomeowners would pump about $500 billion into the housing market. </p

But that would be just the beginning,rnNAHREP said. The chain reaction triggered by those home purchasesrnwould bring an additional $233 billion in spending for originationrnfees, real estate commissions, and consumer spending associated withrnhomeownership. These expenditures are factored in over a five yearrnperiod.</p

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“Foreign-born householders have a high value and strongrndesire for homeownership,” said Juan Martinez, NAHREP president.rn”They have been here in our midst for years, working andrnparticipating in our economy. Legitimizing them through immigrationrnreforms would finally give them the access and the confidence to buyrnhomes.”</p

The press released said that other housing andrncorporate leaders that work closely with the underserved market agreernthat legalization will spark swift interest in homeownership amongrnthese Latinos because they are already established in communitiesrnhere in the U.S.

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