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Keyword: homeownership

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  • The Myth Of Owning Your Home And The American Dream

    08/29/2017 4:26:00 AM PDT · by gaggs · 56 replies
    Think You Own Home? Well You Don’t And Never Will! Even if you think you own your home free and clear, you really don’t own it at all. You lease it from the State and it sets the terms and conditions that allow you to occupy the house or sell it to another lessee. The State owns the house and land in perpetuity and you can not alter this arrangement.
  • Want to Afford a Home Quickly? Here are the Best College Degrees for Homeownership

    07/10/2017 12:02:52 PM PDT · by SeekAndFind · 63 replies
    New York Times ^ | 07/10/2017 | By MICHAEL KOLOMATSKY
    It’s commencement season, and a new crop of college graduates is entering the job market. How long will it take them to achieve the American dream of homeownership? Realtor.com looked at 336 college degrees to determine which would most quickly put their bearers in a financial position to buy a home. The site based its conclusions on typical early career salaries and a savings rate of 20 percent, with the goal of amassing $50,000, or a 20 percent down payment on a $250,000 home. Engineering degrees dominated the list, occupying 33 of the highest 50 rankings, with petroleum engineering at...
  • California’s war on the emerging generation: Joel Kotkin

    05/01/2017 11:59:30 AM PDT · by Tolerance Sucks Rocks · 14 replies
    The Los Angeles Daily News ^ | April 30, 2017 | Joel Kotkin
    It should be the obligation of older citizens to try to improve the prospects for their successors. But, here in California, as seen in a new report issued by the Chapman Center for Demographics and Policy, we seem to have adopted an agenda designed to make things tougher for them.Millennials everywhere face many challenges. The U.S. Census Bureau estimates that, even when working full-time, they earn $2,000 less than the same age group made in 1980. Nationwide, a millennial with a college degree and college debt, according to a recent analysis of Federal Reserve data, earns about the same as...
  • Far-Left 'Nation' and 'Rolling Stone' Columnist: 'Get Rid of Private Housing'

    12/14/2015 3:49:39 PM PST · by markomalley · 43 replies
    Newsbusters ^ | 12/14/15 | Tom Blumer
    One hesitates to give attention to Jesse A. Myerson. But it's probably worth it, if for no other reason to contend that many of his beliefs are likely shared by the mindless lemmings disguised as "journalists" who wildly cheered on Saturday when an obviously orchestrated "climate change" agreement designed ultimately to redistribute massive amounts of wealth from developed to underdeveloped countries — which would virtually guarantee that they will stay undeveloped — was announced in Paris. Almost two years ago, Myerson, whose experience includes "the Media and Labor Outreach committees at Occupy Wall Street," identified of "Five Economic Reforms Millennials...
  • Why Owning a House is Financial Suicide

    11/12/2015 11:23:52 PM PST · by Up Yours Marxists · 100 replies
    News.Com (Australia) ^ | November 13, 2015 08:32 GMT | James Altucher
    OWNING your own house is as much the Australian dream as the American dream, and it's one that feels increasingly out of reach for many. But when one user on Quora pondered whether it was ultimately better to rent or own your own home, blogger and investor James Altucher penned this highly controversial response: I am sick of me writing about this. Do you ever get sick of yourself? I am sick of me. But every day I see more propaganda about the American Dream of owning the home. I see codewords a $15 trillion dollar industry uses to hypnotise...
  • Proof home ownership costs more than renting

    09/01/2015 7:47:01 AM PDT · by SeekAndFind · 45 replies
    Business Insider ^ | 09/01/2015 | Erik Franks, John Burns Real Estate Consulting
    In most areas of the country, homeownership costs more than renting. Many economists with calculators claim the opposite, but the calculations and conclusions are often highly misleading. As is often the case, the devil is in the details. We recently reviewed one highly publicized calculation that owning was cheaper than renting in almost all markets. That calculation had a number of outdated assumptions, including: Outdated assumption #1: Buyers put down 20%. In reality, own versus rent is a first-time buyer decision, and the vast majority of first-time buyers today make down payments of 10% or less. Outdated assumption #2: Buyers...
  • Harvard: Home ownership at 20-year low, blacks suffer most

    07/07/2015 11:52:15 AM PDT · by xzins · 58 replies
    Washington Examiner ^ | 7/7/15 | PAUL BEDARD
    The American Dream of a home is slipping out of reach for millions of Americans, especially African Americans, as house sales hit a 20-year low, according to a new Harvard University study of the U.S. housing market. Instead, house-poor Americans are shifting to rentals with such speed that many areas can barely keep up with demand. Overall, home ownership, the cornerstone of the American Dream, is down to 63 percent, a far cry from the 69 percent registered in 2004. The Joint Center for Housing Studies of Harvard University's annual "State of the Nation's Housing" report said current home ownership...
  • RESIDENTIAL VACANCIES AND HOMEOWNERSHIP IN THE FIRST QUARTER 2015

    06/22/2015 9:54:51 PM PDT · by ForYourChildren · 3 replies
    U.S. Census Bureau News ^ | April 28, 2015 | Robert R. Callis, Melissa Kresin
    National vacancy rates in the first quarter 2015 were 7.1 percent for rental housing and 1.9 percent for homeowner housing, the Department of Commerce’s Census Bureau announced today. The rental vacancy rate of 7.1 percent was 1.2 percentage points (+/-0.4) lower than the rate in the first quarter 2014 and 0.1 percentage point (+/-0.3)* higher than the rate last quarter. The homeowner vacancy rate of 1.9 percent was 0.1percentage point(+/-0.2)* lower than the rate in the first quarter 2014and approximately the same as the rate last quarter (+/-0.1)*. The homeownership rate of 63.7 percent was 1.1percentage points (+/-0.4) lower than...
  • The home ownership trap

    04/27/2015 10:16:14 AM PDT · by SeekAndFind · 85 replies
    Hotair ^ | 04/27/2015 | Jazz Shaw
    Owning your own home and making it your castle is a key element of the American dream. Or is it? That’s become a more complicated question in recent years, particularly since the crash of 2007 and the bursting of the housing bubble well before that. Obviously the ability to own rather than rent can still be a very advantageous situation… for some people. But the reality is that it’s not the best choice for everyone, particularly if they are already in a tenuous financial situation. Stan Humphries of Zillow has an editorial at USA Today where he makes the...
  • US Homeownership Rate Drops To 1983 Levels: Here's Why

    10/28/2014 9:32:40 AM PDT · by SeekAndFind · 13 replies
    Zero Hedge ^ | 10/28/2014 | Tyler Durden
    The last time US homeownership declined down to 64.4% (which the Census Bureau just reported is what US homeownership declined to from 64.7% in Q2), was back in the fourth quarter of 1983. It goes without saying that this is about the bearishest news possible for those few who still believe in the American homewonership dream. Of course, those who have been following real-time rental market trends would be all too aware there is no rebound coming to the homeownership rate. The reason is simple: increasingly fewer can afford to buy, instead having no choice but to rent, which...
  • Here's The Salary You Have To Earn To Buy A Home In These 13 Major US Cities

    09/03/2014 7:18:47 AM PDT · by SeekAndFind · 39 replies
    Business Insider ^ | 09/03/2014 | Libby Kane
    In May, we reported on the salary needed to buy a home in 12 major U.S. cities, based on first-quarter data analyzed by mortgage website HSH.com. The site has updated its data according to 2014 second-quarter numbers, which we've listed here (with the addition of Washington, D.C.).Spoiler alert: It's only gotten more expensive.The site looked at median home prices from the National Association of Realtors, along with interest rates for common 30-year, fixed-rate mortgages and property taxes and insurance costs, to figure out how much money it would take to pay a median-priced home's mortgage principal, taxes, and insurance — and how...
  • America is so over homeownership: Why the shift to a renting economy might actually be a good thing

    08/31/2014 7:53:15 PM PDT · by SeekAndFind · 92 replies
    SALON ^ | 08/30/2014 | HENRY GRABAR
    Between 1970 and 1990, the population of Philadelphia shrank by a quarter, dropping from 1.95 to 1.59 million. Like many American cities, it seemed caught in a downward spiral. Since then – like many American cities – Philadelphia has stabilized. The population now appears to have bottomed out at the millennium, and has been regaining residents over the past decade. But as it rebounds, Philly is becoming a different kind of city. In the two most recent decades, which comprise the bounce of the city’s population curve, owner-occupied housing dropped even more steeply than in the ’70s and ’80s. Between...
  • In the Future We’ll All Be Renters: America’s Disappearing Middle Class

    08/10/2014 8:03:28 PM PDT · by SeekAndFind · 35 replies
    Daily Beast ^ | 08/10/2014 | Joel Kotkin
    America’s wealth is concentrating in fewer hands, and while the rich are getting super rich, the once vital middle class is nearing extinction. [SNIP] But today, after decades of expanding property ownership, the middle orders—what might be seen as the inheritors of Jefferson’s yeoman class—now appear in a secular retreat. Homeownership, which peaked in 2002 at nearly 70 percent, has dropped, according to the U.S. Census, to 65 percent in 2013, the lowest in almost two decade. Although some of this may be seen as a correction for the abuses of the housing bubble, rising costs, stagnant incomes and a...
  • The New Normal American Dream: Homeownership Rate Plunges To 19 Year Low; Asking Rents Soar

    04/29/2014 8:01:11 AM PDT · by Nachum · 29 replies
    Zero Hedge ^ | 4/29/14 | Tyler Durden
    Each quarter, when we perform our regular update on trends in US homeownership and rents using Census Bureau data, we say that "The American Homeownership Dream is officially dead. Long live the New Normal American Dream: Renting." One thing we added in 2013 is that the American Dream has now officially became a full-blown nightmare after mortgage rates exploded, even if declining modestly afterward, and in the process pummeling the affordability of housing as well as grounding any new mortgage-funded transactions to a complete halt (don't believe us - just ask the tens of thousands of mortgage brokers let go...
  • Washington Post columnist: Home ownership is a lousy investment

    04/23/2014 7:43:15 AM PDT · by SeekAndFind · 59 replies
    Hotair ^ | 04/23/2014 | Ed Morrissey
    Most people include home ownership as one of the basic elements of the American Dream. It stands not just for independence, but also in most minds an investment in tangible and significant property. It’s not a universally-held goal — some people prefer to rent even with the means to own — but home ownership is usually seen as one of the building blocks to middle-class wealth.As I noted, some people prefer to avoid home ownership, but not usually on the basis of it being a lousy investment. See if you can pick out the huge, gaping flaw that the Washington...
  • Richmond [CA] weighs using eminent domain to help struggling homeowners

    10/15/2013 12:47:21 AM PDT · by Cincinatus' Wife · 9 replies
    Sacramento Bee ^ | October 15, 2013 | Hudson Sangree
    RICHMOND -- A San Francisco-based group of financiers called Mortgage Resolution Partners has been calling on Sacramento and other California cities for more than a year, pitching a plan to use government powers of eminent domain to seize underwater mortgages and refinance them for the benefit of homeowners who owe more than their homes are worth. Most communities took a pass, saying the novel plan was too risky. Not Richmond, a largely working-class city in the Bay Area. There, a determined and articulate Green Party mayor has helped steer the plan through the City Council in recent months. Today, the...
  • There's A Simple, Unbiased Way To Figure Out Whether To Rent Or Buy

    08/10/2013 10:34:12 AM PDT · by SeekAndFind · 15 replies
    Business Insider ^ | 08/10/2013 | LEONARD BARON, ZILLOW
    If you are a renter and pondering whether it’s time buy a home, one thing that might be on your mind is a rent vs. own analysis. As you can imagine, this analysis will help you determine the financial benefits of owning a home vs. staying a renter. Many online rent vs. own analysis tools are available, but a little caution is needed, as some of these tools are very biased and skewed. Some always find that it typically makes sense to buy, while others show that you should rarely buy. Most of them look at the difference between the...
  • Housing Finance Reform In Context (Homeownership Rates 47.80% In 1930, 65% Today)

    08/07/2013 3:30:57 PM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 08/07/2013 | Anthony B. Sanders
    After President Obama’s rousing speech on housing this week in Phoenix, I thought a review of homeownership would be in order. Homeowneship has been dropping since 2004 after hitting a high of just over 69%. Back in 1999, Fannie Mae CEO James A. Johnson said that the homeownership rate would reach 70& by 2010. The rate stands at 65%. nhown60s Starting with President Roosevelt in 1930s, the Federal government began creating institutions to support homeownership. 1932: Emergency Relief and Construction Act of 1932, creating the Reconstruction Finance Corporation (RFC) 1932: Federal Home Loan Bank Act (the Bank Act) 1933: Home...
  • Initial Jobless Claims Fall To Reagan Recovery Years (1984) While Homeownership Rates Fall

    08/01/2013 6:11:43 AM PDT · by whitedog57 · 16 replies
    Confounded Interest ^ | 08/01/2013 | Anthony B. Sanders
    Initial jobless claims were released this morning (326k) and beat expectations of (345k). It was the best beat in initial claims in 3 months and the lowest absolute level since January 2008. ijc080113 In fact, initial jobless claims are back to Reagan Recovery levels of March 1984 (although it took a lot longer to get there). When I compare initial jobless claims with homeownership rates, you can see a disturbing trend. Jobless claims are positively correlated with homeownership rates. ijchomeown Continuing jobless claims fell to 2,951K that also beat expectations of 3,000k. This level is still above the Reagan Recovery...
  • Mortgage Applications Drop 3.7% As Homeownership Rate Falls To 18 Year Lows

    07/31/2013 6:25:16 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 07/31/2013 | Anthony B. Sanders
    According to the weekly Mortgage Bankers Association (MBA) mortgage application survey released this morning, mortgage applications drop 3.7% from the previous week. mbastats073113 Mortgage purchase applications fell 3.43% from the previous week. And since May 1st, purchase applications have fallen with rising mortgage rates (the Mortgage Bankers 30 year effective rate). mbapurchmayday073113 The longer term view of purchase applications (and the MBA mortgage rate index) reveals the zone of slow/no growth in purchase applications since June 2010. mbapltrtes And if I overlay the national homeownership rate on the MBA mortgage purchase application index, we can the relationship, until 2010. Since...