A continuous job, not home ownership, is now the American fantasy

Fewer individuals claim home ownership now than at any time in the last ten years. Hardship in a depressed economy is depleting the number of United States of America homeowners at an increasing rate. Millions of Americans have lost their homes in the last five years and millions more are expected to within the near future.

home ownership decreasing gradually

There has been a regular decrease in home ownership in the U.S. in the last five year. The U.S. Census Bureau reports this. Since 2005, you will find 3 million less households being owned within the United States of America. In the 3rd quarter this year the rate of home ownership was 66.9 percent — the lowest rate since 1999. Within the first quarter of 2005, home ownership had been at 69.1 percent which was a peak. Right now, there is a bunch of economic uncertainty. This has made it harder for younger homeowners. In the 3rd quarter 39.2 percent of people younger than 35 owned homes, a decline of 9 percent since 2005.

What took place with the housing industry

The dropping of homeownership is bad. The California budget ends up doing the exact same thing. U.S. existing home sales in September dropped 19 percent from the year before. The current annual rate of 307,000 existing home sales is a historic low. The lack of sales continues to drive down home prices. Based on the census Bureau, many homes are vacant right now. 18.8 million homes are this way at present. Below normal, a 600,000 a year annual rate is what housing starts this year are. Less individuals will rent or form new households, Cable News Network reports. Families are doubling up and younger individuals are living with more roommates.

home ownership and the foreclosure turmoil

There ought to be a ton of foreclosures this year. In fact the amount is expected to a million. If unemployment stays this high, there will be more homes foreclosed on. In 2011, the rate will be even higher. Morgan Stanley came out with a record on this. It said that about 3.1 million mortgage holders will likely be foreclosed on as they are seriously delinquent. Half of the 4 million extra homeowners falling behind are expected to end un foreclosures soon. About 11 million homes could be foreclosed on at any time.

Details from

CNN

money.cnn.com/2010/11/02/real_estate/homeownership_rate_falls/?iid=MPM

Daily Finance

dailyfinance.com/story/real-estate/u-s-homeownership-stuck-at-lowest-level-since-1999/19699908/

Consumer Affairs

consumeraffairs.com/news04/2010/11/the-american-dream-of-home-ownership-is-in-its-dimmest-period-in-more-than-a-decade.html