During April 2011 the Rate of Homeownership Declined to 66.40 percentBy Gene Wright
During April 2011 the rate of homeownership declined to 66.40 percent, the lowest point it’s ever been at since 1998, in a report by the U.S. Census. Some would contend this states that owning their own home is not the priority of Americans as was once was, although they couldn't be more wrong. What it really says is that the contrived 69 percent intensified level of 2005 wasn’t maintainable. The level of today is simply a return back to a more natural level.
The American homeownership dream is as intense as ever, although it warrants protecting and not more regulatory government stumbling blocks.
We get the picture that, although government leaders are searching for ways to stay away from another housing crisis, although huge down payments and doing away with the Mortgage Interest Deduction (MID) are a pair of huge detrimental steps going the wrong way at the worst possible time period.
Consumer confidence has taken a huge hits during the past several years, while gradual upturn is still totally fragile. Unprecedented numbers of current and recent homeowners have been shaken by the downturn while prospective homebuyers are standing on the sidelines shaking. Although there has not been injury so great as to cause people to abandon their home owning dream.
A Pew Research Center survey conducted in April, showed that 81 percent of all adults either somewhat agreed or strongly agreed that there is no better long-range investment anyone can make during their lifetime than purchasing a home . Of homeowners whose property declined in value during the slump, 82 percent still support owning a home. Furthermore 81 percent of tenants aspire to purchase a home down the road. The results of this survey results is compelling enough, being straight from consumers.
Although just in case any doubt exists about if there’s still a buying interest, recent home sales activity and pricing stats show that homebuyer activity has increased. In every 54 metro regions tracked in a National RE/MAX Housing Survey, home sales were up by 9 percent over February through March 2011, three gaining months in a row. While 35 of those regions also experienced increases in prices. We would not see these results such as these without increasing buyer demand. Investor interest has picked up a lot over the past half year, while 22 percent of all home sales were tied to this strong buyer group. Although investors alone can not be presumed to acquire the millions of REO properties that have not yet been released.
Today, government leaders need to zoom in on ways to preserve motivation of qualified buyers. Not everybody can buy a home, although those who save for a down payment and get prepared should know, know without a doubt, that they can buy one. Aug 15, 2011
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