Monday, January 12, 2009

Recession Hitting U.S. Hispanics Hard

WASHINGTON -- U.S. Hispanics are being hit hard by the current recession, with 30 percent of them saying that their economic situation is bad, 68 percent sending less money back to family members in their home countries and 3 percent facing mortgage foreclosure, the Pew Hispanic Center reported Thursday.

The non-partisan research outfit said that Latinos and the general population view the current U.S. economic situation similarly, but the Hispanic community paints a darker panorama regarding their personal financial situations.Thirty percent of U.S. Hispanics feel that their finances are in bad shape, compared with 21 percent of the general population.Just 19 percent of Hispanics say that their situation is good and only 4 percent call it excellent.

The evaluation of one's personal economic situation is different for immigrant Hispanics and those who were born in the United States.In that regard, 34 percent of the immigrants say that their financial situations are bad compared with 25 percent of the U.S.-born Hispanics.Among working people, 23 percent say that their financial situation is bad, while 39 percent of unemployed Latinos say the same.

The study reveals that 43 percent of Hispanics feel that their financial condition has worsened in the last year, almost the same percentage - 41 percent - who say they have detected no change. Only 15 percent say their financial situation has improved in the past 12 months.The effect of the recession is being felt among Hispanics, above all, in the real estate market, ......

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