FOR YEARS, government policy has aimed at driving up the owner-occupied share of residential housing, on the theory that everyone should have a shot at putting down roots and building up wealth. But judging by the latest numbers, that dream is fading. The national homeownership rate fell from 67.2 percent in the first quarter of 2010 to 66.9 percent in the second quarter, according to the Census Bureau. To put it another way, the recession and its accompanying wave of foreclosures have wiped out the past decade's worth of increases in homeownership. And there's more trouble ahead. According to an estimate from J.P. Morgan analysts, for every house already on the market in the United States, there is another one in or near foreclosure. Some industry forecasts suggest that, by 2012, homeownership rates could retreat to levels last seen in 1960.
Wednesday, August 11, 2010
Decline of the "ownership society"
The percentage of Americans owning their own home continues to decline: