With the nomination of Secretary of Housing and Urban Development (HUD), San Antonio Mayor Julian Castro received his latest endorsement from the National Association of Hispanic Real Estate Professionals (NAHREP).

According to NAHREP CEO and co-founder Gary Acosta, the new primary homebuyers are Latinos and remain as an "undeserved segment" in the housing market.

"Having a HUD Secretary that comes from the community and who clearly understands the importance of the Latino market is significant," Acosta said. "The faster Congress approves Julian Castro as HUD Secretary, the better it will be for the economy and all Americans."

The NAHREP published the 2013 State of Hispanic Homeownership Report in April, which revealed Hispanics accounted for a net increase of 559,000 household owners since 2010. As a result, Hispanics represented 56 percent of the total owner households net growth in the U.S.

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"Their purchasing power is estimated to grow to $1.5 trillion by 2015, a $500 billion increase from 2010," Acosta said.

The 2013 report noted Hispanics were "passionate" about homeownership, and they're more likely than the general population to own a home due to financial or family purposes.

HispanicBusiness reported the housing market's "strong" comeback was significantly due to Hispanic homebuyers. Co-Chair of the Bipartisan Policy Center's Housing Commission Mel Martinez stated the coming decade might see the "biggest single driving force" for housing demand from the Hispanic community. Meanwhile, The Joint Center for Housing Studies at Harvard reported 4 out of 10 new households to be Hispanic through 2020 regardless of immigration reform progress. The State of Hispanic Homeownership Report also noted 3 million new homeowners could be added if immigration reform were to pass in Congress.

Despite the positive future for Latino homeowners, the housing market for them has been mixed due to the economic downturn and real estate crash in 2007. According to Reuters, Hartford, Connecticut, has the highest rate of homeowners with mortgage difficulties at 56 percent. Hartford's population is 83 percent Latino or African-American, per a University of California-Berkeley's Haas Institute for a Fair and Inclusive Society report. Newark, New Jersey, ranked second with 54 percent while the city hosts 89 percent of either Latinos or African-Americans.

Castro's nomination could provide a boost in confidence for future homeowners.

Palomarez added, "In a few years' time, I predict we'll look back and say that the financial crisis that began with a housing market collapse has now ended with a housing market comeback - in part because of Secretary Castro's work."

"Julian Castro is the grandson of immigrants and exemplifies the American Dream. Under his leadership, San Antonio has become an economic powerhouse ranking first in the Milken Institute's 2011 Best Performing Cities Index," NAHREP President Jason Madiedo said. "He is exceedingly qualified to follow the outstanding work of Secretary Shaun Donovan and lead HUD at a time when the housing market is still in recovery."

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