Latino families, like African-American and white families, eagerly await a recovery in the U.S. housing market. Their economic security desperately depends on such a recovery, yet the housing market could face another crisis if Republicans in Congress get their way and the federal debt ceiling—the amount that the federal government can borrow—is not raised or not raised in time to prevent the U.S. government from defaulting on its debt obligations. Why? Because interest rates, including those on mortgages, would rise sharply, thus reducing home sales, housing values, and construction jobs.
The above excerpt was originally published in Latinovations.
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