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Just when the homeownership rate seemed to be on its way back after falling to a 48-year low in the second quarter of 2015, it took another step backward on Thursday. One particular demographic, however, is experiencing a dramatic increase homeownership despite the reversal of the nationwide homeownership rate for Q1. According to data from the Census Bureau, the U.S. homeownership rate for the first quarter of 2016 declined by 20 basis points over-the-year and by 30 basis points over-the-quarter down to 63 point 5 percent.
For Generation X, however, the homeownership rate is on the way up. About 58 point 9 percent of Gen Xers owned homes in Q1, which is an over-the-year increase of 50 basis points. Trulia Chief Economist Ralph McLaughlin said the increase for Gen Xers was important because, quote, many Gen Xers lost their homes during the recession, so this is a cautiously optimistic sign that we may be seeing boomerang buyers coming back into homeownership. This also represents a glimmer of hope the homeownership rate for Gen Xers may continue on an upward trend in the remainder of the year. Close quote
Consumer Financial Protection Bureau Director Richard Cordray has written a letter to the financial industry trades and their members recognizing the operational challenges the industry is experiencing as a result of the Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule implemented last October. With that in mind, Cordray said in his letter that the Bureau is considering making some adjustments in the regulation text to provide greater certainty and clarity.
