U.S. home ownership amounts have declined to the lowest level in more than a decade. Hardship in a depressed economy is depleting the number of United States homeowners at an increasing rate. Millions of Americans have lost their homes within the last five years and millions more are expected to within the near future.
Owning homes is becoming more rare
Home ownership within the U.S. has declined steadily over the last five years according to a report from the United States of America Census Bureau. The United States has 3 million less households being owned. This has just been since 2005. Since 1999, the rate has not been as low as it had been within the third quarter this year at 66.9 percent. The home ownership rate peaked within the first quarter of 2005 at 69.1 percent. Right now, there’s a bunch of economic uncertainty. This has made it harder for younger homeowners. 39.2 percent of those younger than 35 owned homes, which since 2005 has decreased 9 percent.
Difficulties with the housing industry
As homeownership falls, the housing market follows. Within the U.S., one year from Sept there was a decrease in existing home sales. This was a 19 percent decrease. The current annual rate of 307,000 existing home sales is a historic low. The sales are going down. This means that prices on homes go down also. Based on the census Bureau, many homes are vacant right now. 18.8 million homes are this way at present. Housing starts this year are at about a 600,000 a year annual rate, far below what is considered normal. Less people will rent or form new households, CNN accounts. Families will live two to a home. Younger individuals will get more roommates too.
home ownership and also the foreclosure situation
There should be a ton of foreclosures in 2010. In fact the amount is expected to a million. If joblessness stays this high, there will be more homes foreclosed on. In 2011, the rate could be even higher. Morgan Stanley came out with a report on this. It said that about 3.1 million mortgage holders will likely be foreclosed on as they’re seriously delinquent. There will probably be about half of those homeowners falling behind ending up with foreclosure. About 4 million homeowners are dropping behind. The total number of homes in danger of foreclosure is about 11 million.
Info from
CNN
money.cnn.com/2010/11/02/real_estate/homeownership_rate_falls/?iid=MPM
Daily Finance
dailyfinance.com/story/real-estate/u-s-homeownership-stuck-at-lowest-level-since-1999/19699908/
Consumer Affairs
consumeraffairs.com/news04/2010/11/the-american-dream-of-home-ownership-is-in-its-dimmest-period-in-more-than-a-decade.html
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