First housing crisis in 20 years possible - KUAM.com-KUAM News: On Air. Online. On Demand.

First housing crisis in 20 years possible

Posted: Updated:

by Sabrina Salas Matanane

Guam - The average price for a single family home is becoming increasingly unaffordable. One of the major findings of the Captain Real Estate Group, which tracks trends in the local industry is that the median cost for a single family home is about $260,000 - that's about 53% higher than the national average of $170,000.

The company is also seeing a drastic drop in units being sold, the slowest pace in eight years. Stricter lending guidelines are one factor contributing to what could be Guam's first major housing crisis in 20 years as federal regulators have proposed rules that will likely boost interest rates and fees on many low downpayment loans.

The company also finds that families looking to enter Guam's homeownership market have been recently hit by massive utility connection fees and increasing utility costs, further eroding the ability to pay mortgage costs.

  • NEWS HEADLINESMore>>

  • Mother arrested for child found at school

    Mother arrested for child found at school

    A mom is in jail while her 4-year-old is in the custody of Child Protective Services. It apparently took Donicia Topasna Taitague almost five hours to report her child missing.  She was arrested for child abuse and neglect.More >>
    A mom is in jail while her 4-year-old is in the custody of Child Protective Services. It apparently took Donicia Topasna Taitague almost five hours to report her child missing.  She was arrested for child abuse and neglect.More >>
  • Military responds to senators on Surface Danger Zone

    Military responds to senators on Surface Danger Zone

    You may not be able to post more public comments, but opposition to the Navy's proposal continues to grow offline. A handful of senators have sent formal requests urging the U.S. Army Corps of Engineer's not move forward with establishing a danger zone inMore >>
    You may not be able to post more public comments, but opposition to the Navy's proposal continues to grow offline. A handful of senators have sent formal requests urging the U.S. Army Corps of Engineer's not move forward with establishing a danger zone inMore >>
  • GEC counting 2018 write-in ballots

    GEC counting 2018 write-in ballots

    The Guam Election Commission is busy recounting write-in ballots. At a meeting held Thursday morning, GEC Director Maria Pangelinan says their office is tabulating and recording all write-ins for the General Election. Though she notes they've done it befoMore >>
    The Guam Election Commission is busy recounting write-in ballots. At a meeting held Thursday morning, GEC Director Maria Pangelinan says their office is tabulating and recording all write-ins for the General Election. Though she notes they've done it befoMore >>
Powered by Frankly