Hispanics and the Economic Downturn: Housing Woes and Remittance Cuts
Almost one-in-ten (9%) Latino homeowners say they missed a mortgage payment or were unable to make a full payment and 3% say they received a foreclosure notice in the past year.
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Almost one-in-ten (9%) Latino homeowners say they missed a mortgage payment or were unable to make a full payment and 3% say they received a foreclosure notice in the past year.
While short-term changes in immigration flows are difficult to measure, several indicators suggest a possible slackening in migration from Mexico since mid-2006.
Central banks across the region are tracking remittance income more carefully which has somewhat boosted the numbers they report. Nonetheless, there seems little doubt that the remittance flow has continued to increase over the past two years even as the U.S. economy dropped from its boom time peaks. In 2000 remittances to Mexico, El Salvador, Guatemala, Honduras and Nicaragua–nations that receive almost all their money transfers from the United States–totaled some $10.2 billion. This year that figure could reach $14.2 billion or more, a flow of $39 million a day. By 2005 the sum, which does not capture all remittances to Latin America, will go beyond $18 billion, according to projections by the Pew Hispanic Center.
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