December 17, 2010

AND WE HAVE NOWHERE NEAR ENOUGH HOUSING STOCK FOR ALL 400 MILLION OF US:

Housing bust? So what? We still want to own (Les Christie, December 16, 2010, CNNMoney.com)

The American Dream is still alive and kicking, including within immigrant and minority communities, according to a survey from mortgage giant Fannie Mae.

The housing crisis hasn't quenched the homeownership thirst, the company found. More than 51% of people said the bust did not change their willingness to buy a home and an additional 27% said it actually made them more likely to do so. [...]

Only 44% of African Americans own homes, for instance, compared with 71% of whites, but that disparity starts to vanish among families in stronger financial circumstances. African Americans' homeownership rises to 60% for those earning between $50,000 and $99,000, for example.

The survey findings have implications for Fannie's business model. Non-Hispanic whites are projected to account for just 46% of the population by 2050. Immigration will account for most of the population growth between now and then.

Posted by Orrin Judd at December 17, 2010 6:45 AM
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