"One quarter ago, when we performed our regular update on trends in US homeownership and rents, we said that "The American Homeownership Dream is officially dead. Long live the New Normal American Dream: Renting." What happened since then is that the American Dream briefly became a full-blown nightmare when in Q3 mortgage rates exploded, pummeling the affordability of housing, and ground any new mortgage-funded transactions to a complete halt (don't believe us - just ask the tens of thousands of mortgage brokers let go by the TBTF banks in the past 6 months). Which is why it was not at all surprising to find that the just updated Q3 homeownership rate has remained stuck at 65.1%: the lowest since 1995."
Read the rest of the Zero Hedge post here
11 comments:
Hey! That reminds me.
I should stop playing on the internet and replace the toilet flapper in the hall bath.
There's no maintenance man to call!
What we need is a Federal program to force banks to lend to oppressed minorities so that they can afford to buy homes without down payments, or demands that they can actually pay the mortgage.
The dems are now funding the libertarian candidates so they can dilute the vote and win by a hair.
Is this Hope or change?
Do Obama voters care?
More like bug or feature.
Just wait until this time next year when people who get their insurance through their employers receive cancellation notices and have to shop the insurance exchanges.
Their higher, often very much higher premiums will either disqualify them from mortgages or reduce the amount of debt they can carry.
Home prices will plummet.
Perhaps homeownership should become a right just as healthcare is.
If you like your home, you can keep it, period.
Think of how ungrateful to Obama this is. He goes out and creates hundreds of thousands of 29 hour jobs and those job holders don't have the decency to thank him by forming new households.
It's even worse than that. Obama has created millions of 29 hour jobs and those jobholders just stay holed up in their parents basements rather than setting up households of there own. What a diss of dear leader.
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