Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/31/2013 (2 years ago)

Catholic Online (www.catholic.org)

American dream fizzling long after construction bust

Americans who owned their own homes were at an all-time high back in 2004. More than 69 percent of families in the U.S. could make the claim that their homes were theirs. After the housing construction boom went bust, however, U.S. home ownership rates are back to the low they experienced two decades ago.

The rate for black home ownership reached almost 50 percent in the second quarter of 2004 from about 43 percent in 1995, Census Bureau data show.

The rate for black home ownership reached almost 50 percent in the second quarter of 2004 from about 43 percent in 1995, Census Bureau data show.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/31/2013 (2 years ago)

Published in Business & Economics

Keywords: Home ownerhsip, U.S. housing bust, homeowners


LOS ANGELES, CA (Catholic Online) - The housing bust still reverberates in the national psyche, as seven million Americans were forced from their homes at that period, into rentals. 

With home ownership currently at 65 percent and home values rising, housing industry and consumer groups have asked lawmakers to make the American Dream more inclusive by ensuring new mortgage standards. Lawmakers are now seeking standards to prevent another crash with laws that are flexible enough so more families can benefit from the recovery. 


Those tailoring housing finance wish to reduce the government's role in keeping rates affordable for riskier borrowers. At the same time, they want to ensure home ownership is within reach of minorities and first-time buyers.  


According to Anthony Sanders, a professor of real estate finance at George Mason University in Fairfax Virginia, those able to buy property will depend on the balance they reach,


"Low down-payment loans coupled with exotic adjustable rate mortgages helped fuel a massive housing bubble, which ultimately burst and took down the financial sector," Sanders says, the former head of mortgage-bond research at Deutsche Bank AG. "So the question now is do we want to do this again?"


The home ownership rate in the second quarter was unchanged from the prior three month period. According to analysis by London-based Capital Economics Inc., ownership will hit bottom at about 64 percent in the next year as families leave the foreclosure pipeline and enter rental homes. 


The figures are the lowest in almost 18 years after averaging about 64 percent for 30 years through 1995. 
First-time buyers and minorities are among the groups that have seen the sharpest declines since the crash. 
Property ownership among senior citizens was little changed at about 81 percent, the share below age 35 that own a home fell to about 37 percent from almost 42 percent five years earlier.


The rate for blacks reached almost 50 percent in the second quarter of 2004 from about 43 percent in 1995, Census Bureau data show. By the second quarter of this year, it had dropped to 42.9 percent. The rate for whites fell to 73.3 percent in the second quarter, from 76.2 percent in 2004.


---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for April 2016
Universal:
Small Farmers: That small farmers may receive a just reward for their precious labor.
Evangelization: African Christians: That Christians in Africa may give witness to love and faith in Jesus Christ amid political-religious conflicts.



Comments


More Business & Economics

Obama brags in face of economic failure Watch

Image of The Obama administration claims the economy is thriving - but what is REALLY going on (TPNN)?

By Kenya Sinclair (CALIFORNIA NETWORK)

We all know "that guy." You know the one - the guy who is obsessed with conspiracy theories and who swears the government is out to get us. Well, according to newly released economic data, "that guy" might be (partially) right. LOS ANGELES, CA (Catholic Online) - U.S. ... continue reading


Yes, there's definitely something wrong with millennials, and here's what it is! Watch

Image of As far as millennials are concerned, the American dream is just that -- you have to be asleep to believe it.

By Marshall Connolly (CALIFORNIA NETWORK)

Across the country, the news is shocking. Over half of the millennials think socialism might be a good thing. Most of them believe the American dream is a myth, and public perception is that something is wrong with them. Why do they just want "free stuff?" LOS ANGELES, ... continue reading


Billionaire Soros warns China is near economic collapse Watch

Image of China's economy may be heading for trouble.

By Marshall Connolly (CALIFORNIA NETWORK)

Billionaire George Soros is sounding the alarm, China is about to go down and the rest of the world could follow. According to Soros, there is a major resemblance between China now and the United States in 2007-2008 just before the U.S. economy entered the Great ... continue reading


IRS issues dire warning before Panama Papers crackdown begins Watch

Image of The Panama Papers detail the tax evasion schemes of thousands of wealthy people around the world.

By Marshall Connolly (CALIFORNIA NETWORK)

The IRS has issued a warning to the rich who have been hiding money offshore - come clean now, before we catch you ourselves. The warning follows the leak of over 11 million pages of documents that detail the private, often hidden financial moves of wealthy people ... continue reading


Obama's Saudi masters order him not to sign 9/11 bill Watch

Image of It's not about the victims, it's about the Saudis.

By David Drudge (CALIFORNIA NETWORK)

Saudi Arabia is about to escalate their economic war with the United States should Congress pass a law that will allow victims of the 9/11  terrorist attacks to sue foreign states. The Obama administration opposes the bill and is lobbying against it. LOS ANGELES, ... continue reading


You won't believe how California's rich spend their money! Watch

Image of Top 1 percent pays nearly half of all California taxes (istockphoto).

By Kenya Sinclair (CALIFORNIA NETWORK)

When you think of California, images of sandy beaches, sun-kissed skin and Hollywood stars flash through your mind - and you're not wrong! California's rich enjoy all the sunny state has to offer - but at what cost? LOS ANGELES, CA (Catholic Online) - According to ... continue reading


Tesla KILLS American car industry in just 3 days. GOOD! Watch

Image of The Tesla Model 3 will sell for an average price of $42,000. Subsequent competition and models will reduce future prices even further.

By Marshall Connolly (CALIFORNIA NETWORK)

Tesla has blown away all predictions, selling over 276,000 pre-orders of their affordable Model 3 electric car, within 72 hours of going live. The massive public interest reveals a major shift in public preferences and should send shockwaves through the auto industry. ... continue reading


You won't believe what JUST happened to Walmart! Watch

Image of What does Walmart's revenue drop mean (WalmartDid).

By Kenya Sinclair (CALIFORNIA NETWORK)

The discount giant has received its first dip in revenue since its inception in 1996. Can the drop signify the beginning of the end? LOS ANGELES, CA (Catholic Online) - The digital age has marked a permanent shift in the way humanity perceives the world.One smartphone ... continue reading


Why Democratic Socialism is coming to America, whether you like it or not, and what you can do about it (but won't) Watch

Image of Presidential hopeful Bernie Sanders is a self-described democratic socialist. His movement is popular with millennials who are coming of age.

By Marshall Connolly (CALIFORNIA NETWORK)

America is in more trouble than people realize and here's why. The middle class is becoming poor, and as the ranks of the poor grow, our national politics will change. LOS ANGELES, CA (California Network) - The United States is changing and many people are having a ... continue reading


You'll never believe what the U.S. government is doing with $917 billion Watch

Image of How much do YOU owe (Shutterstock)?

By Kenya Sinclair (CALIFORNIA NETWORK)

How often do you swipe your credit card without considering your credit limit? When you don't have funds in your checking account, do you turn to credit cards to cover groceries, outings or bills? Have you considered what that credit card debt can do on a larger scale? ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, Acts 16:11-15
11 Sailing from Troas we made a straight run for Samothrace; the next day ... Read More

Psalm, Psalms 149:1-2, 3-4, 5-6, 9
1 Alleluia! Sing a new song to Yahweh: his praise in the assembly of the ... Read More

Gospel, John 15:26--16:4
26 When the Paraclete comes, whom I shall send to you from the Father, ... Read More

Saint of the Day

Saint of the Day for May 2nd, 2016 Image

St. Athanasius
May 2: St. Athanasius, the great champion of the Faith ... Read More