Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/31/2013 (8 months 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.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/31/2013 (8 months 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'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Business & Economics

Despite naysayers -- America is successfully addressing debt Watch

Image of What's turning the tide is the fact that the U.S. energy revolution, with oil booms reported across the Dakotas, Wyoming, Nebraska, Washington, Oregon, Utah and Texas.

By Catholic Online (NEWS CONSORTIUM)

"Claims that President Barack Obama is bankrupting America with a lurch towards hard-Left statism are for tabloid consumption only," Columnist Ambrose Evans-Pritchard with The Telegraph writes. In a world littered with bad economic news, the proof is becoming ... continue reading


COMCAST DOMINATING? Merger may dominate market for local political advertisers Watch

Image of If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising.

By Catholic Online (NEWS CONSORTIUM)

If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising. The merger's ... continue reading


Is the 'Mark of the Beast' the future of money? Watch

Image of Theoretically, a unique identifier is attached to your digital wallet, could transmits payment for the groceries directly to the store.

By Catholic Online (NEWS CONSORTIUM)

Some futuristic thinkers say that in the next 20 years or so, when people go to the market, they will pick up the items they need and leave - without the benefit of paying a cashier. Sensors will identify a consumer by a mark, their way of walking or facial ... continue reading


Credit card wars: Wal-Mart sues Visa over transaction 'conspiracy' Watch

Image of Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

By Catholic Online (NEWS CONSORTIUM)

In an ongoing war over credit cards in the modern retail environment, Wal-Mart Stores Inc. is suing Visa Inc. for allegedly conspiring with banks to fix transaction fees. It's just the latest in a long, ongoing legal fight between retailers and card issuers. ... continue reading


In spite of tax revenue all-time highs - government still running in the deficit Watch

Image of Congress passed and President Obama signed

By Catholic Online (NEWS CONSORTIUM)

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its ... continue reading


'Regulated' Bitcoin exchanges planned in New York Watch

Image of Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

By Catholic Online (NEWS CONSORTIUM)

In a sign that the digital form of exchange in popularity - and by extension, legitimacy, New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for currency such as the Bitcoin. LOS ANGELES, CA (Catholic Online) ... continue reading


One, fell swoop: Italy's biggest bank to cut 8,500 jobs Watch

Image of The company is to create an internal

By Catholic Online (NEWS CONSORTIUM)

"I believe the group has turned the page," Italy's largest bank, UniCredit's chief executive, Federico Ghizzoni said. "We could have staggered the losses over several years. We decided to take them all in one year." It wasn't good news for many - Unicredit has ... continue reading


$30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion Watch

Image of The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

By Catholic Online (NEWS CONSORTIUM)

Everyone at some point seems to 'rob Peter to pay Paul' - especially international governments. During the European debt crisis, many nations borrowed money to keep their governments solvent. As a result, global debt increased by $30 trillion from the original ... continue reading


Wowza! Restaurant starts charging diners for Obamacare Watch

Image of Obamacare sounds nice, but somebody has to pay. At least Gator's Dockside is up front about it.

By Catholic Online (NEWS CONSORTIUM)

Going out to dinner? You'd better be prepared to pay a little bit extra thanks to Obamacare. A chain of Florida restaurants is tacking a surcharge onto diner's bills to help keep expenses at bay and workers on the payroll. LOS ANGELES, CA (Catholic Online) - A small ... continue reading


Time banking - where time is BETTER than MONEY Watch

Image of In a time bank, time is the money.

By Catholic Online (NEWS CONSORTIUM)

Alternative currencies such as Bitcoin and BerkShares are gaining popularity as people look for ways to escape what they see as a rigged and flawed system of monetary exchange in government currencies. However, the idea of banking time as opposed to money is also ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

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

Daily Readings

Reading 1, Acts 3:11-26
11 Everyone came running towards them in great ... Read More

Psalm, Psalms 8:2, 5, 6-7, 8-9
2 even through the mouths of children, or of babes in ... Read More

Gospel, Luke 24:35-48
35 Then they told their story of what had happened on ... Read More

Saint of the Day

Saint of the Day for April 24th, 2014 Image

St. Fidelis of Sigmaringen
April 24: Franciscan Capuchin martyr. He was born Mark Rey is Sigmaringen, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter