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June 8, 2023

Updated: Jun 23, 2023


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Asian Pacific Islanders face challenges in homeownership Fox 13 News


Despite typically having higher income levels and lower mortgage denial rates, Asian and Pacific Islander households are typically denied mortgages due to a debt-to-income ratio considered to be too high. Most denials for Asian and Pacific Islander applicants are due to having insufficient cash to close on a home, more so than other races.


However, Asian families applying for mortgages don't face the same issues accessing credit like Black and Hispanic families, but Pacific Islander applicants do — almost a quarter of their mortgage denials are based on credit history. Read more.


Hidden costs of homeownership can add up to $15k annually Zillow Research


The everyday expenses of owning a home are higher than ever, according to a new analysis from Zillow® and Thumbtack. Utility bills, property taxes, insurance and essential home maintenance can add up to $14,155 a year for the average U.S. homeowner.


That’s an additional $1,180 per month on top of a typical mortgage payment. First-time home buyers facing affordability challenges in today’s market need to understand and budget for these less obvious expenses when calculating how much home they can afford. Read more.



Bakersfields ranks in top 10 U.S. cities for new college grads NBC Bay Area


As recent graduates look to begin new lives, often in new cities with new jobs, navigating the changes can be challenging, as different markets across the country offer varying experiences for its residents.


A Zillow report found that the second-largest markets across the U.S. can offer college graduates a higher quality of life and an accessible cost of living. Bakersfield, Calif., ranked #7 as one of the best metropolitan areas for recent graduates, based on average recent college graduate incomes, rent, the presence of other young people, and job growth. Read more.



Homeownership rate hit lowest level in decades in 2020 The Hill


The U.S. homeownership rate hit its lowest level in five decades in 2020, falling by 2 percentage points in 10 years’ time, according to Census Bureau data.


Slightly more than 80 million out of 126.8 million occupied housing units across the country were inhabited by homeowners in 2020, putting the nation’s homeownership rate at 63.1 percent. California was among four other states (New York, Nevada, Hawaii and Rhode Island) with the lowest homeownership rates among the 50 states..” Read more.



Mortgage rates slip; demand continues to dip CNBC


The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.81% from 6.91%, with points falling to 0.66 from 0.83 for loans with a 20% down payment. That was the weekly average according to the Mortgage Bankers Association.


However, mortgage application volume dropped 1.4% last week compared to the previous week and applications to refinance a home loan decreased 1% last week, seasonally adjusted. Applications for a mortgage to purchase a home dropped 2% for the week and were 27% lower than the same week a year ago.. Read more.




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