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The of Hispanic estimates that immigration could bring an estimated pool of 3 million new into the . The nonprofit trade association estimates that current legislation proposing to give legal status to some immigrants has the potential to generate $500 billion in transactions over a five-year period.

Current legislation calls for the legalization of some 11 million undocumented immigrants who arrived in the country before Dec. 31, 2011.

“Foreign-born householders have a high value and strong desire for home ownership,” says Juan Martinez, president. leaders have been advocating for immigration reform that would create a path to citizenship for undocumented immigrants.

NAHREP research projects that home purchases made by 3 million legalized immigrants could pump about $180 billion in additional consumer spending into the economy.

“Immigration reform would unleash pent-up demand for home ownership by millions of undocumented immigrants,” says , a former senior housing fellow and researcher. “It would help re-establish home ownership as a driving force in building wealth and accelerate the of the nation’s economy.”

Source: http://realtormag.realtor.org/daily-/2013/05/22/3-million-new-home-owners-could-be-horizon

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