Utah will host what may be the nation's first "Parade of Homes" for Spanish-speakers, an event organizers say is demand-driven and destined to grow.
The Latino Parade of Homes, running from 5 to 9 p.m. today through Sunday, is the first such event to feature Spanish-speakers — from sales staff to bank loan officers to entertainers — at every location, according to Ross Holliday, owner of Holmes Homes and lead organizer of the event.
"We have the Utah County Parade of Homes and the Salt Lake County Parade of Homes, but we realized that we didn't see a lot of Latinos there, even though they're buying a lot of houses," Holliday said. "I thought that the opportunity to come and learn about home ownership and its possibilities needed to be extended to Latinos."
Given the data on the growing buying power of Hispanics in Utah, the need for an event like the Latino Parade of Homes was "obvious," Holliday said.
Gladys Gonzalez, principal of Hispanic Marketing Consulting and an early partner in the event, pointed to a recent Global Insight study that indicated that the annual household income for Hispanics in Utah is $58,738 — topping the average annual household income, at $45,726. The Hispanic population in Utah is the fastest-growing minority population, Gonzalez said, currently making up about 10 percent of the total population.
"If we think of all of this — that 10 percent of the total population in Utah is Latino, that the median age is 24 years old, you can imagine that the market for houses is there," Gonzalez said. "They're young, and their income is growing. The Latino population contributes $3.6 billion annually in Utah. Their buying power is great and growing."
Until now, that purchasing power has been largely untapped, Gonzalez said, or taken advantage of by nefarious lenders.
"Nobody really, until now, was committed to help them with opportunities like down payments, to show them options," she said. "In terms of mortgage loans, it is not a secret that many people take advantage of Latinos. There are companies out there that try to take money out of their pockets. If they were a community that was well-served, that wouldn't happen. It wouldn't happen if they had information, if they had that education."
This year's parade will feature eight homes in four communities, Holliday said. The event will be "distinctly Latino" and family oriented, according to Gonzalez.
"It will feature the music, food and atmosphere that our people appreciate and enjoy," she said.
At each location, Zions Bank will provide a Spanish-speaking loan officer to assist with the mortgage loan application process. Holmes has agreed to provide up to $6,000 in matching funds for down payments or closing costs, which may be used at any established mortgage lending institution.
Holmes Homes is the only builder participating in this year's Latino Parade of Homes, but Holliday said the event isn't part of a "marketing strategy" for Holmes. He said he expects and hopes that the parade will grow to include many builders.
"The need is so great now, so we decided to get it going this year rather than wait," he said. "But we have great plans and expectations for the years to come. We expect to (eventually) show 20 to 30 houses, with at least three other builders participating. We expect this parade to be on par with what the other Parades of Homes are, in terms of size and participation."
This year's parade is "a first step," Gonzalez said.
"This is not something just for this year. This is going to grow," she said. "Next year, we're planning a big event, with education about mortgages and homebuying, and more builders taking part."
E-mail: jnii@desnews.com