the money was not spent...... the money was stolen
Posted on 06/22/2015 4:27:32 AM PDT by SeekAndFind
The heavy federal hand in the housing market has been a disaster. Despite spending more than $13,000 for every household, Washington has record low homeownership to show for it, even among the middle class.
In fact, a just-released report by Harvard's Joint Center for Housing Studies not only finds more middle-class families renting but many also struggling to make rent, as homeownership rates plunge lower than ever.
This is as shocking as it is depressing. It used to be that the middle class owned homes. Now it's increasingly feeling "the strain of rising rents," the reports says, as foreclosures and stagnant incomes drive more Americans into apartments and home rentals.
With last year's drop in the homeownership rate to just 64.5%, nearly all the gains over the previous two decades have been erased. In fact, the study says, the number of homeowners fell for the eighth straight year, and the downtrend is expected to continue.
Meanwhile, this decade is shaping up to be the strongest in history for renting. And it's not just millennials fueling rental market growth . It's also the middle class.
Households aged 45-64 have accounted for about twice the share of renter growth as households under 35. And households in the top half of the national income range — where you expect to find high homeownership rates — contributed a whopping 43% of the growth among renters, Harvard found.
Even more troubling, "cost burdens are climbing the income ladder, affecting growing shares of not just low-income renters but moderate- and middle-income renters as well," said the study, "The State of the Nation's Housing 2015."
(Excerpt) Read more at news.investors.com ...
the money was not spent...... the money was stolen
Welcome to the beginning of America’s dystopian future where people are citizens, live in pods, and eat prescribed meals that meet government guidelines brought to you by Obama & Soros Inc.
The real problem in housing right now is duration of employment in one place. A married couple not working for a government agency, federal, state, or local, changes (or lose)jobs once every three years now. These days you have to move to where the jobs are. This instability causes housing to have downward pressure on prices and upward pressure on rents.
If the feds got out of the home loan business, housing prices would go down by at least 10-20%.
You hit the nail on the head.
If you have a job that is paid/supported by Taxpayer dollars, you buy. If you are in private business, for the most part, you rent.
That is until you get out of the hell-hole you live in and start your life anew, in a freedom loving RED STATE.
Real close.
Job instability is part of the problem, but it is still the poor economy at the root of the problem.
Why would anyone buy a house, knowing they need to sell it again in 3 short years? And the sale of that house would be at a loss in many areas of the country or it could sit on the market for months.
“Welcome to the beginning of America’s dystopian future where people are citizens, live in pods,......”
Stacked in a way that promotes diversity of course.
“That is until you get out of the hell-hole you live in and start your life anew, in a freedom loving RED STATE.”
I live in a red state that has been called by many the most conservative state in the nation. I can tell you that there are no longer any REAL freedom loving states. Every state in the USA is a hell-hole to one degree or another now. Some are just worse than others.
But not for the Obamas.
And not for the rest of the ruling class!
> “Welcome to the beginning of America’s dystopian future where people are citizens, live in pods,......”
Stacked in a way that promotes diversity of course.
Hopefully i have a view of something other than the Soylent Green meat packing plant...that is if they put windows in those things.
Obama’s recession and lack of job growth is making it difficult for the middle class and graduating students.
He is collapsing the economy.
Leftists are so full or hatred that they don’t care what happens as long as they can reap REVENGE!
So renting makes sense.
Well, under his communist utopia,
the elite would be given land and houses to live in
by the gov’t,
and all this would be paid for by the rent the gov’t collects from the housing it “provides” for the masses.
He is collapsing the economy.
and he’s doing it on purpose.
“Chinese buyers topped Canadians to rank as the biggest foreign purchasers of U.S. homes by both sales and dollar volume, accounting for more than a quarter of all international spending.
“Buyers from China spent $28.6 billion on U.S. homes and made up 16 percent of transactions by foreigners in the 12 months through March, according to an annual report released last week by the National Association of Realtors.
“Canadians, which had led international purchases since 2008, ranked second with $11.2 billion in spending and a 14 percent share of sales.
“Homebuyers from China have flooded into the American market in recent years...
http://www.ocregister.com/lansner/buyers-667671-china-chinese.html
I wonder how many of these renters are renting by choice because they lost a house to foreclosure after job loss or sold at a loss to move for work, and continue to rent instead of buy so it doesn’t happen again.
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