Newscruncher is a daily series that breaks down the characteristics of your town by the numbers. You can see more posts by clicking the Newscruncher link above the headline or by checking out our weekend roundups. If you see any technical issues with this map, or if you'd like to suggest ideas for future Newscruncher articles, please email email@example.com.
The map above shows a snapshot of the percentage of homes with mortgages across town.
As interest rates continue to rise, fewer and fewer people are applying for mortgages. In fact, the average number of mortgage applications fell 7 percent according to last week's report.
But those who did apply might find getting approved not an easy process. For most banks, the standards on lending for residential mortgages have not changed since the aftermath of the financial crisis.
Despite lessening demand for mortgages, it is still rare to find a bank that will reduce fees, lower the minimum required for down payments or accept borrowers with low credit scores.
The data in this map are from the United States Census Bureau's 2011 American Community Survey. These values are an estimate for 2011 taking into account 60 months of collected data. You can learn more about the survey here.
Using your cursor, you can hover over any census tract – the geographic region defined by the U.S. Census – and see in the box in the upper right hand corner of the map the percentage of homes with mortgages.
What do you think explains the differences in the percentage of homes with mortgages across town? Tell us in a comment or a blog post.
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