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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 76 J O U R N A L May 2023 NEARLY 1 IN 3 HOMEOWNERS SURVEYED UNSURE ABOUT FAIRNESS IN THEIR HOMEBUYING EXPERIENCES OR BELIEVE THEY HAD AN UNFAIR EXPERIENCE A home is one of the largest and most meaningful purchases a person can make and is an important part of building a long-term investment strategy. Access to education, advice, and resources (such as Special Purpose Credit Programs and other affordable housing resources) that ease the homebuying process are critically important—particularly for homebuyers and families who may be more likely to face barriers on their path to home ownership. "When it comes to buying a home, there are many factors to consider—the largest being, can I afford it, and will I get a fair chance," said Victor Alexander, Head of Key's Consumer Bank. "Both new and experienced homebuyers are understandably anxious about the state of the market, may feel overwhelmed by the homebuying process, and may not be aware of all their bank can do to assist them. We work hard to help our clients understand the tools, resources, and home lending offerings that can empower them to affordable home ownership. Owning a home is a foundational step to building generational wealth, and we are committed to helping our clients achieve their dream of home ownership and move forward on their financial journey." KeyBank's Fair Housing Month poll found that the homebuyers surveyed may not be aware they may qualify for banking pro- grams that make the home lending process easier and more affordable. Additional findings from the poll include: » Less than half (47%) of homeowners sur- veyed who purchased their homes in the past five years felt confident they received a fair market value price, pointing to a gap between the factors that are import- ant to those homeowners and the reality of their homebuying experiences. » Nearly one-third (30%) of homeowners surveyed are unsure whether they had an unfair experience when buying a home or are certain they had an unfair experience. This means that, among other things, some homeowners are left questioning whether they paid too much for their home. » More than one-third of homeowners surveyed listed location (38%) and home price (37%) as their top financial factors when deciding to purchase their homes in the past five years. The desire to be close to friends, family, and communities continues to be one of the strongest fac- tors when deciding to purchase a home. MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 76 J O U R N A L May 2023 NEARLY 1 IN 3 HOMEOWNERS SURVEYED UNSURE ABOUT FAIRNESS IN THEIR HOMEBUYING EXPERIENCES OR BELIEVE THEY HAD AN UNFAIR EXPERIENCE A home is one of the largest and most meaningful purchases a person can make and is an important part of building a long-term investment strategy. Access to education, advice, and resources (such as Special Purpose Credit Programs and other affordable housing resources) that ease the homebuying process are critically important—particularly for homebuyers and families who may be more likely to face barriers on their path to home ownership. "When it comes to buying a home, there are many factors to consider—the largest being, can I afford it, and will I get a fair chance," said Victor Alexander, Head of Key's Consumer Bank. "Both new and experienced homebuyers are understandably anxious about the state of the market, may feel overwhelmed by the homebuying process, and may not be aware of all their bank can do to assist them. We work hard to help our clients understand the tools, resources, and home lending offerings that can empower them to affordable home ownership. Owning a home is a foundational step to building generational wealth, and we are committed to helping our clients achieve their dream of home ownership and move forward on their financial journey." KeyBank's Fair Housing Month poll found that the homebuyers surveyed may not be aware they may qualify for banking pro- grams that make the home lending process easier and more affordable. Additional findings from the poll include: » Less than half (47%) of homeowners sur- veyed who purchased their homes in the past five years felt confident they received a fair market value price, pointing to a gap between the factors that are import- ant to those homeowners and the reality of their homebuying experiences. » Nearly one-third (30%) of homeowners surveyed are unsure whether they had an unfair experience when buying a home or are certain they had an unfair experience. This means that, among other things, some homeowners are left questioning whether they paid too much for their home. » More than one-third of homeowners surveyed listed location (38%) and home price (37%) as their top financial factors when deciding to purchase their homes in the past five years. The desire to be close to friends, family, and communities continues to be one of the strongest fac- tors when deciding to purchase a home. TECH LAYOFFS HAMPER WEST COAST HOUSING MARKETS C oreLogic has released new data covering February 2023 through its Home Price Index which overall found that home price growth remains in positive territory at 4.4%, marking 133 straight months of growth. However, the 4.4% growth recorded in February was the lowest seen since 2019. Eight states and districts recorded annual home price losses, with much of the depreci- ation seen in the relatively expensive Western U.S., including California, Idaho, Oregon, Washington, and Utah. According to CoreLogic, tech company layoffs were the most likely culprit of falling home prices on the West Coast, but prices on the East Coast held steady. "The divergence in home price changes across the U.S. reflects a tale of two housing markets," said Selma Hepp, Chief Economist at CoreLogic. "Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of under- supply. The consistent gains in the Southeast and South reflect strong job markets, in-mi-