Startling new housing data released this week could take the pep out of President Obama’s blitz of economic rallies, as they show homeownership dropping despite the push -- by him and his predecessors -- to prop up the market.
The new Census figures
show homeownership dropped in the second quarter to an 18-year low of 65 percent. The rate, which hit a record 69.2 percent in 2004, has now fallen to its pre-housing bubble days nearly two decades ago.
show homeownership dropped in the second quarter to an 18-year low of 65 percent. The rate, which hit a record 69.2 percent in 2004, has now fallen to its pre-housing bubble days nearly two decades ago.
The president, on the heels of the report, plans to head to Phoenix on Tuesday for a homeownership-themed stop on his multi-city tour -- part of his recent pivot back to the economy.
But it's unclear whether, given the government's track record, new federal policies could or should be used to help Americans realize their picket-fence dreams.
Richard Barrington, of Money Rates, argues that homeownership is returning to more reasonable levels, and that the government should not push folks into buying homes they can’t afford.
“In the heat of the housing boom, mortgage lenders pushed the envelope too far in terms of whom they allowed to qualify for a mortgage,” Barrington told FoxNews.com. “A more selective population of homebuyers should also be a more stable one.”
Via: Fox News
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