Housing dream turns nightmare as costs soar
The four part series portrays homeownership becoming harder due to high prices, rising interest rates, and complex mortgages. Builders, buyers, and lenders face a tightening web, with fewer sales and growing fears of a sustained slump. Mortgage costs push monthly payments toward 28 percent of income, demanding higher earnings and signaling a shift toward renting for some families. Inflation and demand drive all-time high new home prices, with 16 percent average mortgage rates for new single-family homes.
MENTIONED IN THIS ARTICLE
Louise Cook
Associated Press
Rollin Barnard
U.S. League of Savings Associations
Bob Sheehan
National Association of Home Builders
Barnard
United States
Ris
Departments of Commerce and Housing and Urban Development
Federal Home Loan Bank Board
Rising rates pressure buyers as mortgage costs soar
The article examines how high mortgage rates and tighter lending push buyers toward down payments and new loan types. It notes 69,300 homes with a 16 percent loan would cost nearly 625 monthly, while 20 percent down yields about 750. April new-home sales fell 13.5 percent, with May possibly worse as rates rose. Banks face legacy 10 percent or lower loans as savers flee to CDs or money funds. Regulators loosened mortgage rate caps, spurring adjustable, rollover, and graduated payment loans and strategies like buy downs and wraparounds.
MENTIONED IN THIS ARTICLE
Sheehan
Barnard
Midland Federal Savings of
Denver
U.S. League of Savings Associations
Savings and Loan Associations
Barnard’s
Savings Association League
Savings and Loan
Richard Pickering
Federal Home Loan Bank Board
Blacks seek market for freckle remover and lighteners
Skin lighteners and freckle removers marketed to Black consumers gain renewed popularity. Products use hydroquinone, replacing older ammoniated mercury creams. Freckles can be bleached or covered, and chemical removal may return if sun exposure continues.
Odessa society events calendar highlights for June
The Odessa Newcomers Club hosts a couples bridge night June 20 at 7 30 p.m. Babysitting reservations are available by calling Mrs Bill Goen. Meals On Wheels seeks volunteer drivers for summer routes. The American Association of Retired Persons meets June 25 at 9 30 a.m. at the Ec tor County Senior Center with a stroke talk by a Permian Basin Rehabilitation Center rep. The Red Cross Ector County chapter holds its annual meeting June 22 at 7 30 p.m. with Open House for Centennial celebrations.
MENTIONED IN THIS ARTICLE
Odessa
R. E. Morganthal
E. 30Th St
Meals On Wheels
Audra Freasier
Odessa College
American Association of Retired Persons
Ector County Senior Center
Permian Basin Rehabilitation Center
American Red Cross
Ector County
Red Cross
3Rd
Lincoln
Also Mentioned on This Page
American Medical Associa“Book of
Dad
Howard Miller
Colonial
Ridgeway
Seth Thomas
Molyneux
Gazo
West
Texas
Santa Fe
LA Sculpurette Nail Salon
Lady Thomson
Fred Perry
Beery
Permian Mall
Society
Odessa Newcomers Club
the Redeemer Lutheran Church
E. 18Th St
Jo Ball
Women Armed For Self Protection
Bill Goen
Oxford Dr
Jeff Briley
Fountain Lane
Oakwood
Parawas Atte
Winwood Mall
American Express
Visa
MasterCare
Lubbock
Abileng
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