click for a larger imageAccording to the US Census the home ownership rate ended 2008 at 67.5%... This rate had steadily increased since WWII and significantly higher than the 40% - 50% home ownership rate seen in the first half of the twentieth century.
Given the current credit crunch and the disappearance of sub-prime mortgages and the shadow banking providing easy mortgage financing in addition to banks and credit unions, it's safe to say that the home ownership statistics will be declining in the next few years.
I also think that it's important to note that compared to the depression, far more people are home-owners---And with the drastic drop in home prices experienced in the last year, coupled with drops of almost all asset values, household spending is definitely going to be crimped for several years to come due to the 'wealth-effect'
What percentage of the home ownership were without mortgages? Has on the percentage of Americans with a mortgage increased?
ReplyDeleteIt's safe to say that the home ownership statistics will be declining in the next few years.
ReplyDelete