Tuesday, November 20, 2007

Real Trends: emerging markets have emerged

For the last decade or so, we've been writing stories about emerging markets and their importance to the future of the real estate and mortgage financing businesses. Much of what we've written (and that I've read) seems to indicate that waves of minority borrowers are just over the horizon, waiting to transform our businesses. That's not quite accurate.

In a recent e-mail update from the folks over at RealTrends, I read about comments made by Frances Martinez Myers, senior vice president of business development at Prudential Fox & Roach, at the 2007 REALTORS Conference & Expo in Las Vegas. She pointed out that these new home buyers and mortgage customers are here now. Here are a few of the statistics she shared with the audience:
  • Single women now represent 20 percent of recent buyers, a 50 percent jump over the past eight years
  • 28 percent of households will be headed by women by 2010
  • Immigrants represented 40 percent of new household formations between 2000 and 2005
  • In the 25-to-34 age group, 20 percent of the population is currently foreign-born
If you're waiting for emerging markets to become important, you're missing the boat.

No comments: