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U.S. homeownership fell to the lowest rate on record in the second quarter, the Census Bureau reported Thursday.
The homeownership rate fell from 63.5 percent in the first quarter to 62.9 percent in the second, tied for the lowest level since early 1965, when records were first kept.
According to the chart at the link - the high point was around 2004 at around 69%.
It only fell less than a percent, and 62.9 is still high for ownership even if it is the lowest level. I think it is common to see ownership fluctuate in the 60s. Not everyone is in a position to own, and we saw what happened after pushing ownership up to 69 in 2004, a lot of homeowners got screwed when they realized they couldn't afford what they bought.
Most people are already carrying too much debt and/or paying too much rent to afford to save for a down payment or afford house payments, taxes and operating costs to afford to buy their own home. One way to relieve the financial burdens on younger people is to eliminate the interest on education loans by Federalizing the system to eliminate any private profit. The loans would be from the Federal government at the current interest rate and paid back by a permanent surcharge on the borrowers income tax.
The result would be more people capable of financing their own homes.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.... I believe that banking institutions are more dangerous to our liberties than standing armies.... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
I know, how about Congress makes a law that forces lenders to lower standards and they can make little to no down payment loans. What could possibly go wrong?
High point was 2004? Wonder what happened to make it drop from that ideal level?
Government incompetence and deceitfulness.
Maybe you are on to something. Maybe home ownership needs to reflect the real ability of people to purchase a home - rather than fooling people into taking out large loans which they cannot afford.
The idea that you never own your home but rent it from the government is unAmerican.
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