August 6, 2009
THE CONSERVATIVE WAR ON THE FAMILY AND SOCIAL STABILITY:
Drop in homeownership likely to continue (Haya El Nasser, 8/06/09, USA TODAY)
The rate of homeownership is forecast to keep tumbling in the next decade to lows not seen since the 1980s, a trend that could redefine a key element of the American dream even after the housing market recovers.
The percentage of households that own homes hit a peak of almost 70% in 2004 and 2005. By the second quarter of this year, that slipped to 67.4%, according to the Census Bureau. Now, a University of Utah analysis projects it'll drop to about 63.5% by 2020 — the lowest since 1985. [...]
Homeownership has long been viewed a key to building stable communities and middle-class families. Federal policy encouraged it with tax credits and government-backed mortgages. Now, demographic changes, strict mortgage rules, energy-saving policies and lessons learned in this housing crisis are driving more people to rent.
But that's better than having critters for neighbors, eh? Posted by Orrin Judd at August 6, 2009 8:35 AM