California Seeing Diminished Mortgage Borrowing Among Hispanics
Bloomberg News is reporting that the number of Hispanic borrowers in California continues to decline, even more so than any other group in the state.
“The interest rates are low, but the prices are so high,” says Jose Ramos, a real estate agent who lost two homes to foreclosure when the housing market crashed in 2007. “Where’s the opportunity?”
According to Bloomberg reporters John Gittelsohn and Prashant Gopal, “The Hispanic share of the market for mortgages to buy homes fell to 22 percent in 2013 from 24 percent the prior year and barely half of the 2006 peak.”
Image via flickr/David Sawyer