Who was buying homes before interest rates really spiked?

I'm David Brancaccio in New York.

30-year mortgages are running above 7% today, down from 8% in October,

but not the 3s and 4% we used to see.

The National Association of Realtors has a report showing that from 2012 through 2022,

home ownership swelled, and the Retors break this down by race.

Between 2012 and 2022, the National Association of Realtors says homeownership increased

by nearly 11 million people. Home ownership rates rose to record highs among

Latino and Asian American populations. While more African Americans bought homes as

well, the rate of home ownership within that population still lagged at 44%, rising

just one and a half points over a decade.

But despite the gains experienced by minority groups, the vast majority of the new homeowners over the 10 years

measured in the report were white.

The National Association of Realtors says that points to pervasive barriers facing minority

groups, including disproportionately high student loan debt

burdens.

Minority homebuyers are also more likely to be first-time homebuyers without the benefit

of equity built up from a previous home to help put down a bigger down payment for the next one.

These challenges preceded the rapid rise in mortgage interest rates over the last two years,

which has made home ownership less affordable. I'm Novasafo for

marketplace. The Dow is not physics, it's people making choices among 30 stocks

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