A report out today shows that minorities and immigrants are fast replacing baby boomers as the biggest force in the housing market-a trend that mortgage lenders are scrambling to address.

The Harvard University report, "The State of the Nation's Housing," finds minorities and immigrants fueled a homebuying boom from the end of 1994 to the end of 1997, as 4 million households became homeowners. The previous three-year record, 3.8 million, was set in the early 1970s, when the oldest baby boomers entered the prime homebuying ages of 25 to 34.

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