Home Ownership Hits Lowest Level Since 1965
The combination of falling home prices, limited mortgage credit, continued liquidations, and better rental options is fundamentally changing the way Americans live.
Palm Coast, FL – August 5, 2011
NEW YORK (CNNMoney) – As the foreclosure crisis continues to wreak havoc on the housing market, a source of national pride has taken a sour turn. Home ownership is on the decline and, according to a recent Morgan Stanley report, the United States is fast becoming a nation of renters.
Last Friday, the Census Bureau reported that the percentage of people who owned a home had dropped to 65.9% during the second quarter — its lowest level since the first quarter of 1998 and a far cry from the high of 69.2% reached in late 2004.
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IRONIC
Isn’t it ironic that the goal of 70% home ownership set by Bill Clinton in 1994 which set into motion, Fannie Mae and it’s CEO James Johnson, Barney Frank, Christopher Dodd, and many others, to help financially unqualified people buy homes they ultimately could not afford. At that time home ownership stood around 64% Everybody has been hurt but the ones that hurt the most are the financially unqualified that never should have been given a loan. But Mr. Johnson made over $100,000,000 while others have lost their homes and or went into bankruptcy.