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First-Time Buyers Face Hurdles to Homeownership This Spring

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In this May 11, 2015 photo, Brett Singley, upper right, poses for a picture in front of their condo with his wife, Angelynn, 28, Isla 5, middle, Isaiah 3, right, Ben, 2, and Aria 1 month, in Santa Clarita, Calif. Singley bought the three-bedroom home for just under $300,000 — $100,000 less than what he was prepared to pay for a house. (AP Photo/Chris Carlson)

In this May 11, 2015 photo, Brett Singley, upper right, poses for a picture in front of their condo with his wife, Angelynn, 28, Isla 5, middle, Isaiah 3, right, Ben, 2, and Aria 1 month, in Santa Clarita, Calif. Singley bought the three-bedroom home for just under $300,000 — $100,000 less than what he was prepared to pay for a house. (AP Photo/Chris Carlson)

ALEX VEIGA, AP Business Writers
JOSH BOAK, AP Business Writers

Young people aspiring to buy their first home are already facing disappointment this year.

Rising prices are putting more homes out of reach, and pickings are slim because few properties have come onto the market this spring, when sales are supposed to take off.

Millennials are also burdened by heavy school debt and depleted savings that hurt their ability to qualify for a mortgage. Until their incomes start to rise meaningfully, many will be forced to keep hunting for a home while delaying the dream of ownership. This has weighed on overall home sales and economic growth throughout the rebound in housing the past three years.

“People need to see more money in their paychecks before they’ll take the plunge into homeownership,” said Greg McBride, chief financial analyst at Bankrate.

If early signs are any indication, there won’t a noticeable jump in new homeowners during the spring.

Amy Arnold and her husband began looking at listings in Denver late last year. The 28-year-old apparel buyer quickly found that the few homes in the couple’s price range got snapped up for more than asking price, leaving her exasperated at how “crazy” the market seemed.

For now, the couple has decided to keep renting a two-bedroom, one-bath house for $1,300 a month, hoping to have more money and find a better selection of homes once they jump back into the market.

“It’s very discouraging,” said Arnold. “Hopefully next year we will be able to buy, but there’s a chance we may have to rent again.”

Home prices nationwide have risen at more than double the pace of average hourly wages, making it harder for buyers to find the extra funds to save for a down payment.

In Denver, a limited roster of homes has fueled the rising prices and given sellers the upper hand. Forty percent of homes that sold in February went for more than the asking price, according to online real estate broker Redfin. That’s up from 21 percent a year earlier. In addition, half of the homes on the market went under contract in eight days or fewer.

“Typically, January, February even March are not quite as highly competitive as when you go into the spring months,” said Ilona Botton, a Redfin agent in Denver. “That’s not how it was this year. It has been multiple offer situations every single month.”

The limited supply of homes is widespread. In March, one measure showed it would take fewer than five months to sell all the previously occupied homes in the U.S. In a market more balanced between buyers and sellers, it would take about six, according to the National Association of Realtors.

What’s more, heavy demand for low-priced homes means their prices are rising faster. Homes priced at $135,000 or less jumped 9 percent for the year ending in February, according to data from CoreLogic. Homes that priced at $226,800 or more climbed 5 percent over the same period.

Beyond offering more money, some buyers are willing to waive home inspection or give sellers several weeks to move out following a sale, said Redfin’s Botton.

In general, areas with fewer homes for sale have stronger job growth that eclipses the pace of construction. Areas with larger inventories tend to keep the availability of housing in line with job growth.

In Columbus, Ohio, aviation company executive Ryan Holtmann had plenty of options. He and his wife started shopping for their first home at the end of last year. The couple visited about 15 to 20 houses before buying a three-bedroom home for $154,900 at the end of February.

“I was really surprised at how much was out there for the time of year,” said Holtmann, 33. “There were three or four we liked and would have been more than happy to go with.”

One factor preventing more houses from hitting the market is that many homeowners still owe more on their mortgage than their home is worth. That’s known as an underwater mortgage, or being in negative equity.

While millions of homes have returned to positive equity as values come back, some 5.4 million, or 10.8 percent of all homes with a mortgage, remained underwater as of the October-December quarter, according to CoreLogic. Nevada topped the list. Nearly a quarter of its homes with a mortgage were underwater.

More construction would help buyers, but activity has recovered slowly since 2010. That’s one reason a recent report by mortgage buyer Freddie Mac forecast that the U.S. housing market will continue to see low levels of homes for sale for the next several years.

As a result, even successful buyers are settling for less.

Brett Singley, a first-time buyer in Los Angeles and a father of four, knew the kind of house he wanted and how much he could afford. But after six months of searching, the civil engineer shifted his sights to smaller and less expensive townhomes. In March, he bought one in Santa Clarita, a northern suburb. He got a three-bedroom for just under $300,000 — $100,000 less than what he was prepared to pay for a house.

“We were originally looking for a four-bedroom house,” said Singley. “But we didn’t have a lot of options.”

___

Veiga reported from Los Angeles. Boak reported from Washington.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Oakland Post: Week of August 12 – 18, 2026

The printed Weekly Edition of the Oakland Post: Week of August 12 – 18, 2026

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California Hispanic Chambers of Commerce Unveils: ‘Powering the Future’ Theme for 47th Annual Statewide Convention

POST NEWS GROUP — For nearly 50 years, the CHCC has been the frontline champion of California’s small-business ecosystem. As the economic landscape evolves, “Powering the Future” signals bold momentum—emphasizing the innovation, resilience, and leadership needed to fuel the next generation of entrepreneurs and community leaders. The theme bridges the CHCC’s foundational advocacy over the past 47 years with a strategic vision for rapid economic transformation.

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Luis Zambrana, McDermott Costa Insurance; Leo Callejas, California Hispanic Chambers of Commerce (CHCC) Northern Region chairperson; Karen Guzman, Aliza Gallo, board director, Oakland Latino Chamber of Commerce (OLCC); Julian Cañete, president and CEO of CHCC; Sharon Fonseca, OLCC board director. Courtesy photo.

The premier August event in Oakland will unite business leaders, policymakers, and innovators to drive the next generation of California’s economic growth.

The California Hispanic Chambers of Commerce (CHCC) has officially announced “Powering the Future” as the theme for its 47th Annual Statewide Convention. The landmark event will be held August 19-21 at the Oakland Marriott City Center in Oakland, California. 

For nearly 50 years, the CHCC has been the frontline champion of California’s small-business ecosystem. As the economic landscape evolves, “Powering the Future” signals bold momentum—emphasizing the innovation, resilience, and leadership needed to fuel the next generation of entrepreneurs and community leaders. The theme bridges the CHCC’s foundational advocacy over the past 47 years with a strategic vision for rapid economic transformation. 

Driving Innovation and Economic Influence

As California leads global trends in technology, clean energy, and entrepreneurship, Hispanic-owned businesses are at the helm. From harnessing artificial intelligence and accelerating digital transformation to pioneering sustainable practices, Latino entrepreneurs are actively shaping tomorrow’s industries.

“Hosting this convention in Oakland is deeply meaningful,” said Noel Gallo, who represents Council District 5. “Approximately 28% of Oakland’s population is Latino, and their contributions shape every aspect of our civic, cultural, and economic life.”

Latino‑owned businesses are central to our city’s growth; they drive job creation, revitalize commercial corridors, strengthen neighborhood identity, and contribute to innovation across sectors including construction, hospitality, education, retail, arts, professional services, and more, Gallo asserts.

“These enterprises do more than generate revenue; they anchor family legacies, nurture community pride, and create spaces where culture and commerce meet,” Gallo said.

“Following a period of significant economic transformation, ‘Powering the Future’ is more than a theme—it is a collective call to action,” said Julian Cañete, president and CEO of the CHCC. “Our businesses and future leaders aren’t merely adapting to change; they are driving it. This convention will showcase the innovation and leadership needed to build a stronger, more prosperous California for generations to come.”

Cañete is also excited to have Oakland as the organization’s host city. Noting Oakland’s historical significance and deep-rooted diversity “From its legacy as center of social movements to its modern identity as a hub for innovation, sustainability, and small business growth, Oakland embodies the resilience and creativity that define our state,” Cañete added. “We are proud to contribute to this dynamic community’s ongoing momentum and economic vitality.” 

Three Days of Impact, Connection, and Advocacy

The CHCC Annual Convention empowers Hispanic and diverse businesses and communities while fostering connections and advancing economic opportunities. The convention features impactful presentations on business development, current business trends, economic and community development, and policy-oriented discussions.

Attendees can connect with business leaders, thought leaders, elected officials, and other Hispanic and diverse small business and community leaders. Participants establish strategic, long-lasting partnerships through direct personal engagement, best-practice sharing, interactive dialogue, networking workshops, and more.

The agenda includes an annual business matchmaking program, dynamic panels and speakers, an exhibition hall, awards ceremonies, and meal events highlighting the remarkable achievements of Hispanic and diverse businesses and communities.

The CHCC Annual Awards celebrate Hispanic and diverse companies and communities for their hard work, ingenuity, dedication, and contributions to California’s economy. The CHCC Annual Convention also aims to advance a diverse supply chain and create expanded business opportunities for diverse entrepreneurs and communities.  

The Oakland Hispanic Chamber of Commerce is the source for this report.

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Returning to Its Roots, the Oakland Black-Eyed Pea Festival Partners with the Freedom Farmers Market Sept. 12

POST NEWS GROUP — Freedom Farmers’ Market (FFM) vendors sell produce and promote wellness and nutrition through organic herbs, massage, and other gift items from July through October on the second and fourth Saturdays at a dozen canopies in the last block of Shattuck Avenue, where it merges with Telegraph Avenue.

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Elaine Smith, executive director of Farms to Grow, Inc., holds T-shirt for Ki’Ara LaFitte, winner of the Freedom Farmers’ Market Watermelon-Eating Contest at the season opening on July 11. Courtesy photo.

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The Oakland Black-Eyed Pea Festival (BEPF), a celebration of African American traditional music, food and art, will return to its roots through a partnership with Farms to Grow, Inc., the hosts of the Freedom Farmers’ Market on Sept. 12.

Now in its 11th year, the downsized festival sponsored by Omnira Institute will open with presentations by Wakan Wiya Two-Spirit Drum, a drum invocation for the ancestors by Awon Ohun Omnira, a performance by Andre Thierry of Accordion Soul, and most importantly, fresh black-eyed peas for sale.

Freedom Farmers’ Market (FFM) vendors sell produce and promote wellness and nutrition through organic herbs, massage, and other gift items from July through October on the second and fourth Saturdays at a dozen canopies in the last block of Shattuck Avenue, where it merges with Telegraph Avenue.

Over the years, FFM vendors have appeared at the Black-Eyed Pea Festival and vice versa, so this collaboration is like a family reunion.

Farms to Grow, Inc. Executive Director Elaine Smith said the collaboration with Omnira Institute was an opportunity she couldn’t refuse. “People talk about community and unity for Black people – I always want to be an example of what has to be done,” Smith said. “Anyway that we can partner with our people, we want to do that.”

Charlotte Jackson, a longtime vendor with FFM and the festival, had been known for her jellies, jams and chow-chow through Pots n’ Jars. For the last several years, she hasn’t been able to find a commercial kitchen she can afford, so she began selling vegan soap and skin care products that her son and his partner produce under the name Lather and More.

“It’s been a blessing,” said Jackson, who will tell her customers that although they can order the wares from the website, there’s no such thing as ‘smell-avision.” From her table, she encourages passers-by to take a sniff of the soaps, then directs them to the nearby booths.

Jackson functions as a sort of ‘town crier’ of ‘buying Black,’ never failing to encourage Black people to take their mule or Pontiac or Chevrolet and steer it toward Black businesses like Mandela Market.

Likewise, the Black-Eyed Pea Festival was established to encourage Black entrepreneurship by providing a space for Black creatives to sell their handmade or original designs and products without competing with commercially produced goods.

It also served as a way to both commemorate and invigorate memory of the once-thriving Black community of West/North Oakland before it was divided by highways, BART, and then ravaged by the crack cocaine epidemic.

“For one day, I wanted to invoke the success of that community through the sound of music, the taste of soul food and black-eyed peas and the beauty of our art,” Ravernell said.

Once deciding to follow through on the idea of holding a festival celebrating African American traditions, Ravernell settled on using the black-eyed pea as its symbol because of its pride of place in Black people’s consciousness on New Year’s Day and because the peas were originally cultivated in Africa.

Learning that Fresno farmer Wil Scott, former president of the California African American Farmers Association, grew black-eyed peas as well as other legacy crops that are the foundation of a soul food menu, Ravernell was intent on ensuring Scott’s presence at the first festival in 2014. Whenever he could, and whenever the weather yielded a bountiful crop, Scott would bring his black-eyed peas to the festival, shelled or on the pods.

Originally cultivated in Africa, the black-eyed pea is believed to have been brought to the U.S. hidden in the hair of African captives brought to the Western Hemisphere during the holocaust of the Atlantic Slave Trade.

Known to grow plentifully even in poor soil, the pea was associated with abundance in Africa and later, in the U.S., with good luck.

She also learned that black-eyed peas nourish poor soil, that they are a very good source of nutrition, and that they probably contributed to the longevity of the enslaved.

“I thought the black-eyed pea, its story and its significance for Black people made it a great symbol to represent Black culture,” she said. In spite of everything they endured, Black people emerged from slavery and Jim Crow as masters of making a lot from a little, creating a culture that would be emulated and imitated at home and abroad.

Feeling that many people know only the most recent iterations of Black music – Hip Hop and R&B – she created the festival to promote the music of earlier eras, which reflect the thoughts and feelings of Black people over time.

That’s why the festival highlights straight-ahead jazz, gospel, zydeco and the Second Line of the New Orleans jazz funeral.

“It’s not enough to remember,” Ravernell said. “We need to actively nourish the roots of our culture.”

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