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1.2 Million Households Disappear, Putting Downward Pressure on Home Prices and Rents
Zero Hedge ^ | George Washington

Posted on 04/08/2010 11:18:11 PM PDT by Lorianne

As I wrote Monday:

In really bad times, people who are evicted from their houses will not rent.

Instead, they will move in with friends or family for some time.

As the Wall Street Journal explained last October:

Driving the change [i.e. large numbers of rental vacancies and lower rents] is the troubled employment market, which is closely tied to rentals. With unemployment at 9.8% — a 26-year high — more would-be renters are doubling up or moving in with family and friends during periods of job loss. Landlords have been particularly battered because unemployment has been higher among workers under 35 years old, who are more likely to rent. Nationally, effective rents have fallen by 2.7% over the past year, to around $972.

As Zack’s Investment Research writes:

A smaller percentage of Americans owned their own homes in the 4th quarter of 2009 than at any time since 2000. In the 4th quarter 67.2% of Americans owned their own home, down from 67.6% in the third quarter and two full percentage points below the peak set in the fourth quarter of 2004.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Front Page News; Government
KEYWORDS: bananarepublic; bhoeconomy; democrats; economy; hopeychangey; housing; obama
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1 posted on 04/08/2010 11:18:11 PM PDT by Lorianne
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To: Lorianne

Hope & Change!


2 posted on 04/08/2010 11:23:11 PM PDT by Boardwalk
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To: Lorianne

Well, since it’s from George Washington I know it must be true!!!


3 posted on 04/08/2010 11:25:57 PM PDT by DontTreadOnMe2009 (So stop treading on me already!)
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To: DontTreadOnMe2009

You kidding? Drive around any neighborhood and look at all the cars in front of homes......

The article was right on the money....

“more would-be renters are doubling up or moving in with family and friends”


4 posted on 04/08/2010 11:38:06 PM PDT by dragnet2
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To: dragnet2

Yeah, my 20 yr old son has moved back here after a year on his own.


5 posted on 04/08/2010 11:46:35 PM PDT by meanie monster
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To: dragnet2

Our daughter and son-in-law are finishing up respectively their degrees in architectural engineering and agribusiness. They would love to find jobs and move into a home of their own.. or at least one where they’re paying the rent themselves.

Instead it’s looking more and more like they’ll be moving in with us and looking for work from home base. At the rate things are going we may have them awhile.


6 posted on 04/08/2010 11:48:06 PM PDT by BuckyKat
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To: BuckyKat; meanie monster

I know...It’s about the same everywhere.


7 posted on 04/08/2010 11:49:55 PM PDT by dragnet2
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To: Lorianne

Almost 1/3rd of Americans between ages 24 and 30 now live with parents or family.

Unemployment is also running high in this age group. A lot of companies have cut back on entry level jobs, and ones that exist are being scooped up by older workers who have been layed off.


8 posted on 04/08/2010 11:54:50 PM PDT by jerry557
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To: jerry557
A lot of companies have cut back on entry level jobs, and ones that exist are being scooped up by older workers who have been layed off.

This is something a lot of people don't seem to realize. Many older experienced workers that have been laid off are taking jobs that they normally wouldn't, which leaves many underemployed and others unemployed.

9 posted on 04/09/2010 12:04:19 AM PDT by Tammy8 (~Secure the border and deport all illegals- do it now! ~ Support our Troops!~)
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To: Lorianne
Multiple family households is common for immigrants to this country. I see plenty of examples right on my street. It's a survival tactic when your earning power is subpar.

So in essence, with a dismal economy, we're becoming more like the third world labor pool we're competing with. Survival mode in the socialist utopia.

... And the grand masters of the coming utopia only give lip service to making things better. In reality their gut tells them that all this suffering can't be let go to waste. They keep it festering so they can more easily make moves to consolidate their control. Their hubris tells them that once they have complete control, everything will fall into place, and they'll be praised to no end for creating the perfect society.

Yeah, right. (Sorry for the rant - just thinking out loud).

10 posted on 04/09/2010 12:19:30 AM PDT by Tellurian
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Comment #11 Removed by Moderator

Comment #12 Removed by Moderator

To: jerry557
Unemployment is also running high in this age group. A lot of companies have cut back on entry level jobs, and ones that exist are being scooped up by older workers who have been layed off.

Actually it's just the opposite. Companies will not higher more experienced workers for entry level jobs as businesses consider these people over qualified and are convinced they will seek employment elsewhere not long after they are hired. The end result is the experienced workers cannot find a job while those with little experience fill the entry level positions.
13 posted on 04/09/2010 12:36:13 AM PDT by Man50D (Fair Tax, you earn it, you keep it! www.FairTaxNation.com)
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To: BuckyKat

I drove by the community college the other day. Parking lot jammed. 80% of them should be out working at some constructive job not in there getting indoctrinated. Too many are going to college for no good reason and wasting money on useless social engineering classes taught by useless teachers.


14 posted on 04/09/2010 2:24:28 AM PDT by screaminsunshine (i)
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To: F15Eagle

Maybe Obama is trying to restart the mobile home industry? /s


15 posted on 04/09/2010 2:57:57 AM PDT by mylife (Opinions...$1 Halfbaked...50c)
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To: Boardwalk

so how do these socialist elitists think that we can continue to fund their activities if we become a nation of vagabonds?


16 posted on 04/09/2010 3:37:31 AM PDT by applpie (u)
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To: Tellurian

Pooling your resources is an obvious way for any group to survive so this is no surprise.


17 posted on 04/09/2010 3:44:43 AM PDT by hoosierham (Waddaya mean Freedom isn't free ?;will you take a credit card?)
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To: F15Eagle
Of course you are correct.

But not every older person has your sense.

18 posted on 04/09/2010 3:46:26 AM PDT by hoosierham (Waddaya mean Freedom isn't free ?;will you take a credit card?)
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To: jerry557

Most jobs simply don’t pay enough to allow people to live on their own when you tally up student loans taxes etc.

When rush mocks young people on this he comes across as extremely uninformed.


19 posted on 04/09/2010 3:56:29 AM PDT by GlockThe Vote
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To: Lorianne

I have two projects this year, a cheap older large motorhome equipped to cover all my needs for at least six months totally independent, and the other is finding a good deal on an over the road tractor, I have been a diesel mechanic all my life and I want a three axle Peterbilt and a moving van, I want to blend in as a commercial hauler or has just another race car team.

Just in case I lose my home.


20 posted on 04/09/2010 4:04:20 AM PDT by Eye of Unk ("In a time of universal deceit, telling the truth becomes a revolutionary act" G.Orwell)
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To: screaminsunshine

“Too many are going to college for no good reason and wasting money on useless social engineering classes taught by useless teachers.”
//////////////////////////////////////////////////////////////

Agreed and most of them will still have far less than what used to be a high school education when they graduate. Many of them will have less than what used to be an eighth grade education.


21 posted on 04/09/2010 4:25:54 AM PDT by RipSawyer (Trying to reason with a leftist is like trying to catch sunshine in a fish net at midnight.)
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To: RipSawyer

I know. The schools do not teach people how to take care of themselves anymore. They teach them the government will take care of all the problems.


22 posted on 04/09/2010 4:30:23 AM PDT by screaminsunshine (i)
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Comment #23 Removed by Moderator

Comment #24 Removed by Moderator

To: Tellurian

Years back, family homes were multi-generational, and it was good for everyone.

Who says children need to move out at 22, or that grandparents should shuffle off to the nursing home / retirement village?

Part of the problems we face is the disconnect we have as families, and extend that to our communities.

Some financial hardships may allow us to reassess our priorities and lifestyles and we may find that common basics and each other were the most important things of all.


25 posted on 04/09/2010 5:43:45 AM PDT by mom4melody
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To: Man50D
Actually it's just the opposite. Companies will not higher more experienced workers for entry level jobs as businesses consider these people over qualified and are convinced they will seek employment elsewhere not long after they are hired. The end result is the experienced workers cannot find a job while those with little experience fill the entry level positions.

Another thing that contributes to this problem is that some companies simply assume that older workers are going to demand a higher salary than younger workers, and the result is that they never reach the point of salary negotiations.

26 posted on 04/09/2010 5:46:33 AM PDT by ding_dong_daddy_from_dumas (Pat Caddell: Democrats are drinking kool-aid in a political Jonestown)
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To: Lorianne
....Americans owned their own homes ...... two full percentage points below the peak set in the fourth quarter of 2004.

This is hilarious. Probably one-fifth of all Americans who "owned" homes in Q4 2004 were so much in hock with ARMs. liar loans and negative amortization that they were owned, rather than owners.

27 posted on 04/09/2010 5:56:42 AM PDT by Notary Sojac (Mi Tio es infermo, pero la carretera es verde!)
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To: screaminsunshine

There are no construction jobs. The unemployment rate for construction workers is around 40% right now.


28 posted on 04/09/2010 6:13:57 AM PDT by linn37 ( "The problem with socialism is that you eventually run out of other peoples money.)
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To: Lorianne

The rental market is horrible right now. At least in Florida and Charlotte (areas where I own). Unless this changes soon, we are going to see even more foreclosures and their resulting problems because landlords with mortgages, such as myself, are finding it harder and harder to hang on.


29 posted on 04/09/2010 6:21:19 AM PDT by PatriotGirl827 (Lord Jesus Christ have mercy on me, a sinner)
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To: Lorianne
1.2 Million Households Disappear, Putting Downward Pressure on Home Prices and Rents

And it's time for another met down. The last one was the 3 year meltdown. We're moving into the the 5 year phase now.

30 posted on 04/09/2010 6:26:12 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: RipSawyer
Agreed and most of them will still have far less than what used to be a high school education when they graduate. Many of them will have less than what used to be an eighth grade education.

In liberal arts, I would agree. In math and science I would not. I have two girls in JC (16 & 17). Both are almost done with calculus, well into chemistry, etc. I've looked at the work and it's pretty good. Their English classes OTOH, are a joke.

31 posted on 04/09/2010 6:28:19 AM PDT by Carry_Okie (The RINOcrat Party is still in charge. There has never been a conservative American government.)
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To: Tammy8

Put me down for that list. I am working 40 hours 9 to 5 for just under ten dollars an hour after being self employeed for 16 years.

I am getting use to it now but I wanted to go lay on the railroad tracks out back for the first few weeks.


32 posted on 04/09/2010 6:42:07 AM PDT by winodog (We've got more people voting for a living than we do working for a living.")
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To: screaminsunshine

There are at least a few of us “useless” community college teachers out here teaching good conservative values. I ran across your post while prepping for my American government and history classes I will be teaching later today. Many of us community college teachers actually have had “real” jobs at one time in their lives, and what we teach is founded in reality and not liberal theory bullshit. My entire Social Science department is conservative, even the lone Democrat. But I do understand your point.


33 posted on 04/09/2010 6:45:19 AM PDT by Jay Redhawk
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To: screaminsunshine

There are at least a few of us “useless” community college teachers out here teaching good conservative values. I ran across your post while prepping for my American government and history classes I will be teaching later today. Many of us community college teachers actually have had “real” jobs at one time in their lives, and what we teach is founded in reality and not liberal theory bullshit. My entire Social Science department is conservative, even the lone Democrat. But I do understand your point.


34 posted on 04/09/2010 6:46:33 AM PDT by Jay Redhawk
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To: Tellurian

You are right, but take a look at this from another perspective. My great grandparents used to be the third world immigrants, (legal immigrants). Kids stayed on the farm until they joined the military, married or had jobs in town. Just in my life time, I have seen amazing changes in the way we live. I joined the military to see the world. No money for college and only the rich kids could travel on their own dime. My adult son has traveled all over the world without the military and we are not rich. I did not fly until I was 18, my daughter flew on a plane around 18 months. We became mobile and spread out around the country and world. For many, the family was something that got together for holidays and maybe a vacation so the kids could meet that cool but weird uncle.

At a time when the government wants us to rely on them for everything, maybe we could learn from those immigrants to rely on family.


35 posted on 04/09/2010 6:50:18 AM PDT by OldGoatCPO
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To: mom4melody
Who says children need to move out at 22, or that grandparents should shuffle off to the nursing home / retirement village?

The home building industry. :)

36 posted on 04/09/2010 6:51:30 AM PDT by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: Mr. Jeeves

The American Dream?


37 posted on 04/09/2010 6:54:02 AM PDT by winodog (We've got more people voting for a living than we do working for a living.")
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To: Jay Redhawk
There are at least a few of us “useless” community college teachers out here teaching good conservative values.

My daughters English teacher spent the first 3 weeks of her last semester bashing George Bush. My daughter was furious. She paid for a semester of English, and this bimbo wasted almost a quarter of it on childish nonsense.
Luckily, the class laughed at the bimbos rantings and bragged about how they were getting out of English class homework for a month. No one took her seriously.

38 posted on 04/09/2010 6:54:07 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Jay Redhawk

Cool. What College?


39 posted on 04/09/2010 7:32:10 AM PDT by screaminsunshine (i)
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To: dragnet2

Yep. Even in the NYC-area, which has few foreclosures relative to other states, you do see more doubling up in suburban communities, mostly kids or other relatives moving back to wait out the storm.


40 posted on 04/09/2010 7:33:54 AM PDT by Clemenza (Remember our Korean War Veterans)
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To: linn37
There are no construction jobs. The unemployment rate for construction workers is around 40% right now.

Yeah, but the unemployment rate for government workers is 0.00002%, so that should make up for it.

41 posted on 04/09/2010 7:49:09 AM PDT by Mad_Tom_Rackham (It is the duty of the patriot to protect his country from its government -- Thomas Payne)
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To: Clemenza
Yep. Even in the NYC-area, which has few foreclosures relative to other states, you do see more doubling up in suburban communities, mostly kids or other relatives moving back to wait out the storm.

Everywhere ya see 3 and 4 or more vehicled parked outside of homes...

We started seeing this trend 3 years ago....

42 posted on 04/09/2010 8:05:51 AM PDT by dragnet2
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To: concerned about politics
...Luckily...

Luckily? It sounds like your daughter, her class, you and the taxpayers got ripped off for a month.

This is why we need the separation of school and state.

43 posted on 04/09/2010 8:20:51 AM PDT by Theophilus
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To: F15Eagle

Same here. Have a cousin with a house paid off ... 10 years from retirement. He and his wife are selling to buy a house 2x as expensive (plus very high HOA dues) and getting a mortgage for 50% of the cost.

I’ve tried to suggest he don’t do that ... downsize instead or stay put ... but he (and mostly his wife) will not listen.


44 posted on 04/09/2010 9:13:39 AM PDT by Lorianne
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To: OldGoatCPO

Very well said.
This could be a silver lining for many families, especially young couples with younger kids who may get to spend more time with the grandparents than they otherwise would have.


45 posted on 04/09/2010 9:16:30 AM PDT by Lorianne
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To: mom4melody
Years back, family homes were multi-generational, and it was good for everyone.

That's one of the things I love about Hawaii. It's more the norm than the exception here because of the high cost of living. Kids grow up with more respect for their elders for the most part.

I really hope our kids can find something worthwhile here for employment that will enable them to get their own apartment but in the meantime I'll take advantage of our son-in-law's wonderful love of cooking healthy food.

46 posted on 04/09/2010 9:37:59 AM PDT by BuckyKat
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To: Lorianne

Obama’s plan to eventually have all of us taxpayers living in communes is making progress!

April 7, 2010, 4:08 p.m. EDT
Number of U.S. households falls by 1.2 million
Recession forces adult children to stay with parents, more families to double up

By Amy Hoak, MarketWatch

CHICAGO (MarketWatch) — The number of American households dropped by an estimated 1.2 million between 2005 and 2008, even though the population increased by 3.4 million in 80 of the largest metropolitan areas during that time, according to a new study by a professor at the University of Southern California.


47 posted on 04/09/2010 9:44:14 AM PDT by KeyLargo
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To: screaminsunshine
I drove by the community college the other day. ... Too many are going to college for no good reason and wasting money on useless social engineering classes taught by useless teachers.

This does conveniently get them off the unemployment rolls.


48 posted on 04/09/2010 10:47:51 AM PDT by magooey (then - NO JUSTICE! NO PEACE!, now - NO DATA! NO WARMING!)
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To: dragnet2
“more would-be renters are doubling up or moving in with family and friends”

It is the start of a lower standard of living - for most of us in this country. - Tom

49 posted on 04/09/2010 2:29:40 PM PDT by Capt. Tom
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To: Capt. Tom

Yep...


50 posted on 04/09/2010 4:01:25 PM PDT by dragnet2
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