People looking to buy homes in North Texas may need to wait longer than planned if they're hoping for a cooler housing market, an economist says.
Economist and Dallas College Professor Carlos Martinez said the state of the economy today may feel unfamiliar depending on your generation.And he said we might want to get used to where we are right now. Martinez said inflation will stick around and prices we’ve experienced over the last six months will not likely go back down. That goes for the housing market too, especially here in North Texas.
Martinez said the current state of the housing market, coupled with inflation, will have an impact for a long time from now. According to the National Association of Realtors, the national homeownership rate in 2021 was about 65%. The homeownership rate for Black Americans was about 44%. The report says 20% of Black loan applicants and 15% of Hispanic loan applicants were denied mortgages, compared to 11% of white applicants.
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