Joel Cruz, owner of a taco truck business, aimed to purchase a house in West Adams after 20 years of renting, but is now facing a competitive market. Recent wildfires have increased housing demand, and rising interest rates complicate affordability for families. Cruz reflects on missed opportunities to buy a home in the past, while mortgage expert Cipriano Ramirez speaks to the challenges families face in adapting budgets to the new economic realities.
Mr. Cruz expresses his frustration over a competitive housing market, stating, 'I regret not buying before. It was always a dream first the business, then the home.'
Cipriano Ramirez highlights how rising interest rates impact families, noting, 'Families are recalculating their budgets to accommodate rising interest rates.'
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