Minority Homebuyer % Grew Fast in '05

Members of minority groups constituted the fastest-growing segment of homebuyers obtaining new home-purchase mortgages in 2005, according to Genworth Mortgage Insurance and Compliance Technologies.In a report released at the Second Annual Mortgage Lending Industry Diversity and Emerging Markets Conference & Career Fair in Washington, conference co-sponsors Genworth and ComplianceTech said the percentage increase for minority loans in high-volume areas was three times greater than for white households in the top 20 metropolitan areas for mortgage growth. Using newly released Home Mortgage Disclosure Act data for 2005, the report ("The 2005 Minority Home Buying Surge") analyzes the change in minority home-purchase loans from 2004 to 2005 in 388 metro areas. "We are now witnessing the positive effects of the growth in immigrant households who want to own a piece of the American Dream," said Michael Taliefero, managing director of ComplianceTech, which prepared the report. "While immigration is part of the story, the lower homeownership rates among African-Americans and Hispanics represent pent-up mortgage demand that is starting to be filled." Genworth can be found online at http://www.genworth.com.