Residential home ownership, long a central column of the American dream, seems gradually more unachievable for a rising numbers of households.
Yet long-standing points of view die hard, and 90 percent of Americans still regard home ownership as “an important part of the American dream.”
In fact, there are indications of minor progress in the housing market. Work started in June on 629,000 new houses, a five-month high that shatter economists’ beliefs and saw an up tick in building in every area in the nation. But that doesn’t unavoidably signify that the housing market is in recovery – for the reason that those who do not have places of work do not purchase homes.
Unemployment rate increased to 9.2 percent in June, a figure that would actually be higher than 11 percent if there were still as many people energetically looking for job as there were at the start of the collapse. Among those who are employed, incomes are falling and many people can only find part-time work rather than full-time.
The horrible employment condition is reflected in residential home ownership statistics. If neglectful borrowers are excluded, the U.S. homeownership rate is just 59.7 percent, which would be an all-time low. Leaving in the country’s more or less 7.5 million irresponsible borrowers, homeownership is at 66.4 percent.
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