Tuesday, April 27, 2010
Homeownership Falls Further
This is an interesting article on the falling rate of home ownership in the U.S. It is interesting to see how the U.S. relaxed regulations in the early 2000's to increase home ownership which definitely had a positive affect in the short run but has now been reversed. It is up to congress and the government to come up with legislation that will hopefully help turn the real estate market around and put some value back into the market.
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This is contrary to what the government wants. It shows that people do not want to invest in homes, for two reasons. One may be because they do not have the funds to buy a house and secondly, they do not want to invest in homes because house prices are low and the returns are not worthwhile currently.
Another problem dealing with the housing market is that a lot of houses are underwater meaning people are paying more for their mortgages than their house is actually worth. I think the housing market plays a huge roll in the recovery of an economy, and it can also be a driving factor in causing the economy to go into recession.
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