.........and the percentage of people who own their homes continued to decline, according to a Census Department report...................
Now, take out 20 to 40 million illegals from your statistic, and run your ownership analysis again!
This country has never seen homeownership levels this high. The industry, pushed by government, increased the levels of “minority” homeownership to all time highs...and now we’re seeing, through this BS “foreclosure crisis” a weeding out process whereby some (this process is playing out across the spectrum of homebuyers...high wage earners v. low-income, owner occupants v. speculators, etc...) markets are affected more than others. This scenario has played out time and again.
In order for mortgage companies to stay alive, people with assets able to put down 3-5% will always be able to buy a home. Mortgage companies have’nt forgotten how to make money.