Four critical "gaps" -- involving information, affordability, credit, and confidence -- must be addressed in order to close a fifth one, the gap between the overall homeownership rate and the minority homeownership rate, according to Fannie Mae's annual National Housing Survey.The survey found a significant difference in the levels of accurate homebuying information between the general public and minority communities, especially Hispanic households where Spanish is the predominant language. The survey also found an affordability gap between the general public and groups such as renters, lower-income families, and people who began, but did not complete, the homebuying process. A credit gap -- related to reported levels of experience with credit and debt -- was also found to exist between Spanish-dominant Hispanics and most other groups. Only 15% of Spanish-dominant Hispanics say they have a great deal of experience in this area, compared with 40% of the general public, Fannie Mae reported. Regarding confidence, the survey found that African-Americans and Spanish-dominant Hispanics were significantly less confident than the general public that they could successfully complete the homebuying process. Fannie Mae can be found online at http://www.fanniemae.com.
-
The number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
56m ago -
Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
1h ago -
Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
2h ago -
While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
2h ago -
Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
5h ago -
New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
9h ago