Posted on 10/06/2011 6:16:30 PM PDT by SkyPilot
WASHINGTON (AP) -- The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday.
The analysis by the Census Bureau found the homeownership rate fell to 65.1 percent last year. While that level remains the second highest decennial rate, analysts say the U.S. may never return to its mid-decade housing boom peak in which nearly 70 percent of occupied households were owned by their residents.
The reason: a longer-term economic reality of tighter credit, prolonged job losses and reduced government involvement.
Unemployed young adults are least likely to own, delaying first-time home purchases to live with Mom and Dad. Middle-aged adults 35-64, mostly homeowners who were hit with mortgage foreclosures or bankruptcy after the housing bust in 2006, are at their lowest levels of ownership in decades.
Measured by race, the homeownership gap between whites and blacks is now at its widest since 1960, wiping out more than 40 years of gains.
"The changes now taking place are mind-boggling: the housing market has completely crashed and attitudes toward housing are shifting from owning to renting," said Patrick Newport, economist with IHS Global Insight. "While 10 years ago owning a home was the American Dream, I'm not sure a lot of people still think that way."
He noted the now-diminished roles of mortgage buyers Fannie Mae and Freddie Mac, which for decades at the urging of government helped enable loans to borrowers with poor credit, many of them minorities. In a shift, the Obama administration earlier this year said it would move from a longtime government focus on promoting homeownership for all and instead steer people with low incomes toward renting where appropriate.
(Excerpt) Read more at hosted.ap.org ...
WOW!
The AP now admits the truth. Back in 2008, it was "racist" to claim that risky loans to minorities who demanded loans while calling welfare and Food Stamps as "income" caused this crisis.
Who voted for Obama?
Be careful what you ask for.
70% was too high. The current number is right. Many people should be renting, because they should not be tied down to a home, and the inefficiencies of selling it in short order.
Here’s Bush pushing home loans for totally unqualified minorities.
http://www.youtube.com/watch?v=MqR15H0gNBU
The headline should read:
Home Ownership Rate Returns to Normal
Bush admin. tried REPEATEDLY to reign in Fannie Mae and Freddy Mack.
Google YouTube for
Maxine waters, barney Frank, meek, and Chris Dodd berating a bush admin. For DARING to waste their time!
Max. Waters implicity states how WONDERFUL the programs are going.
F REINS ran FM and received 90 million dollars. He jumped ship just before it collapsed.
Did you lose your home or job?
If so watch this video and weep!!!!
Bush admin. tried REPEATEDLY to reign in Fannie Mae and Freddy Mack.
Google YouTube for
Maxine waters, barney Frank, meek, and Chris Dodd berating a bush admin. For DARING to waste their time!
Max. Waters implicity states how WONDERFUL the programs are going.
F REINS ran FM and received 90 million dollars. He jumped ship just before it collapsed.
Did you lose your home or job?
If so watch this video and weep!!!!
Bush admin. tried REPEATEDLY to reign in Fannie Mae and Freddy
________________________________________________________
Oh sure...right...lol..
Here’s Bush pushing home loans for totally unqualified minorities just a few years prior to the collapse..
http://www.youtube.com/watch?v=MqR15H0gNBU
Obama sued Citibank to force it to make risky loans in 1995.
Looks Bama and Bush had a thing going there.
That is because the destructive liberal socialist policies have made minorities, and to some extent women, greatly dependent on tax payers handouts and when the producers are hurt in an economic crisis then minorities and women would be hurt even worse.
If I were you, I wouldn’t be snickering over your BDS. It’s irrational and your insistence on blaming only him as an individual for what is 80% the fault of Democrats appears demented.
“If I were you, I wouldn’t be snickering over your BDS. It’s irrational and your insistence on blaming only him as an individual for what is 80% the fault of Democrats appears demented”.
__________________________________________________________
How could it possibly be irrational or demented, when I only posted the audio from his own speech, in his own words.
If ya got a problem with that, you should take it up with Bush, not me.
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Here’s Bush pushing home loans for totally unqualified minorities, just a few years prior to the collapse..
http://www.youtube.com/watch?v=MqR15H0gNBU
Dutch television no less.
Yup - and the majority of those contributing to the tax coffers are..........guess?
Ah yes.
The White Males.
Take those producers out of the equation, and "Their ain't no Baby Daddy" government handouts to give.
The dreaded White Males are still picking up the tab, it's just that people in government want the all the adoration for taking (and borrowing) from someone else, and handing it out with both hands.
Yes, he did.
His speeches were "reaching out" - and he was continuing policy that Clinton had started. The attack on banks and lending institutions for so-called "red lining" had been in full force since the Jimmy Carter days.
Bush had some adults in his administration who saw the ice burg coming back in 2007, but by then he had lost Congress.
Is all this really the result of people buying houses they cannot afford? The American people are always looking to Washington, D.C., “for a break” and “for fairness.”
The American dream of homeownership has felt its biggest drop since the Great Depression, according to new 2010 census figures released Thursday.
You may as well have printed 'biggest drop since 1787!' and it would have been (cough-bs) 'just as true'. Not than anyone under 40 would know the difference.
The fact of the matter is than before the '1st Great Depression' :-) started in Oct of 1929, not all that many families owned their own homes. They lived in 'big City' Apartments, or on the 'family Farm'. Not until after the recession that followed WWII ended in the 1950's did 'The American Dream' of Home Ownership burst onto the scene and wha-la -- Suburbia was born.
It SUCKED for GIs returning after the War. No job was waiting and housing was non existent. In Chicago, things called Garden Apartments sprung up. Which were nothing but single family House Basements converted into a living space. And those living spaces were pretty sparse (I know). Other GIs had to move back in with Mom and Dad (w/ their new GI Bride) and sleeping spaces were made of every available square foot.
He made a speech before signing the Democrats’ bill. BFD.
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