Harvard: Home ownership at 20-year low, blacks suffer most

Washington Examiner ^ | 7/7/15 | PAUL BEDARD

[xzins]

The American Dream of a home is slipping out of reach for millions of Americans, especially African Americans, as house sales hit a 20-year low, according to a new Harvard University study of the U.S. housing market.

Instead, house-poor Americans are shifting to rentals with such speed that many areas can barely keep up with demand.

Overall, home ownership, the cornerstone of the American Dream, is down to 63 percent, a far cry from the 69 percent registered in 2004. The Joint Center for Housing Studies of Harvard University's annual "State of the Nation's Housing" report said current home ownership percentages rival that of 1993.

Those figures, however, are much worse for minorities, especially blacks. "The homeownership rate for minorities continues to lag: It peaked at 51.3 percent in 2004, and has now fallen to 47.2 percent. Of all minority groups, African Americans have the lowest rate of homeownership, just 43.8 percent," said the report.

The reason for the decline is the languishing economy and poor pay. Harvard said that a key factor is the "steady erosion" of incomes since the recession began.

What's more, financing has been hard to get especially with those with "acceptable" to "good" credit. Loans decreased 37 percent for those with credit scores between 660 and 720.

As a result, rentals have surged, but they are getting harder to find — and more expensive to land.

[xzins]

The reason for the decline is the languishing economy and poor pay. Harvard said that a key factor is the "steady erosion" of incomes since the recession began.

Which is one indication that the recession never ended. Wages continued 'receding'. As did jobs.

[xzins]

Oh, I forgot:

Thanks, Barack

[MrB]

How is a lack of home ownership considering a condition of “suffering”?
They’re not homeless. The gov’t pays for low income housing. Maybe they don’t want to own houses. Maybe that’s “actin’ white”.

[1Old Pro]

Obama not only hurting Blacks, but everyone in his recession are worse off. If the GOP nominee can fog a mirror they should have no problem beating Obama’s third term with Hillary.

[Responsibility2nd]

Harvard: Home ownership at 20-year low, blacks suffer most

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Who needs home ownership when Section 8 housing is cheaper.

[left that other site]

My mind has been numbed by years of the Obamanation. Remind me...who was president in 2004?/s

[TribalPrincess2U]

I bet ‘most’ wouldn’t want the responsibility of a ‘home’. Mowing, watering planting, being neighborly, et., Got no time for that.

Watch Bait Car...

[Gamecock]

It peaked at 51.3 percent in 2004, and has now fallen to 47.2 percent.

Gee. Now what Clinton era policy could have possibly caused that?

[DoughtyOne]

Whites are losing their homes too, but by gosh that's not important. The important thing is the color of your skin.

losing homes..losing homes

white..............black

There it is, the issue that trumps all others.

[grania]

The reason for the decline is that to invest in a home, the owner needs a stable job and income and a willingness to commit to a community for at least five years, for home ownership to make any sense.

Remember back to GWB, when the economy was first beginning to tank, that the solution was to encourage home ownership, to the point of giving mortgages to people who weren't qualified? That worked out real well (NOT!!)

If I were to move, I'd never purchase a home again. I just don't have a clue where it will be a good place to live a few years down the road, especially in my middle-class retiree economic category. I'm also finding that the cost of high-quality repairs and maintenance is increasing, as are taxes, insurance, and utility bills. I wonder what percentage of people are keeping up on maintenance and repairs.

[VA_Gentleman]

Let’s not also forget that the collapse of government-sponsored Fannie Mae and Freddie Mack, which triggered the nation’s financial crisis was also started under that same President. Though, in his defense, Bush did demand investigations into the financial solvency of Freddie Mac and Fannie Mae. Nothing came of it, thanks to a Democratic controlled Congress, abetted by one Barney Frank.

[MrB]

Got no time for that.

---

Ain’t nobody do.

[xzins]

Ahhh...but Dodd/Frank essentially renewed it, didn’t it?

[xzins]

BTW, the good news is that all those houses folks bought moving around the country are now easier to rent. :>)

[rhubarbk]

News Flash: World Ends Tomorrow, Blacks Will Suffer Most!!!

[MrB]

Dodd Frank made it very hard for investors with 800+ credit ratings to get investment loans,
while at the same time, forcing banks to loan to people with 5-600 credit ratings, if they check the “minority” box.

[xzins]

The genius of it all just boggles the mind, doesn’t it?

[WayneS]

What about women? Aren’t women also suffering the most?

[xzins]

Gays, too. and they can’t take baths, either. Ownership of gay bathhouses is at an all time low. Running around all smelly and no place to sleep or bathe.