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Tag Archives: Homeownership Rate

To Rent or Own: How Consumers Decide Between the Two

In a study to examine what factors would drive a person to rent or own in their next move, Fannie Mae found that a mix of demographics and attitudinal drivers were key, while negative housing events appears to do little to thwart would-be buyers. The study categorized respondents into three groups: renters, those with a mortgage, and outright homeowners. The study found that renters tended to be younger and fall into the low income category.

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The Recession’s Impact on Confidence in Homeownership

While younger folks are oftentimes viewed as being more prone to taking risks than more elderly people, a study found that this idea doesn’t ring true when it comes to buying a home during an economic downturn. The study was authored by economists from the Federal Reserve Bank of Boston, Anat Bracha and Julian C. Jamison, and examined how the recession affected attitudes toward homeownership. The study found that people who lived in hardest-hit ZIP codes in 2008 were significantly more likely to be confident about owning a home if they are older (over 58), but are significantly less likely to be confident about owning a home if they are younger.

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Homeownership Rate Edges Up After 15-year Low, Vacancy Rates Fall

The nation’s homeownership rate rose to 65.5 percent in the second quarter, the Census Bureau reported Friday. The Census Bureau though revised downward the homeownership rate for the first quarter to 65.4 percent (from the originally reported 65.5 percent), the lowest since the first quarter of 1997 when the rate was also 65.4 percent. The Census Bureau also reported the homeowner vacancy rate fell to 2.1 percent nationwide, down from 2.2 percent in the first quarter and 2.5 percent one year ago. The homeowner vacancy rate is at its lowest level since the first quarter of 2006.

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Homeownership Rate Likely to Continue Falling: Capital Economics

For the first quarter of 2012, the Census Bureau reported the homeownership rate dropped to 65.4 percent, which was a yearly (66.4 percent) and quarterly drop (66.0 percent). Even more significant was the fact that rate had never seen such a low since the first quarter of 1997 when the rate was also 65.4 percent. In a report, Paul Diggle of Capital Economics wrote, ""it's plausible that tight credit, subdued confidence and many more foreclosures will drive the homeownership rate down to 64%.""

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UK Academic Points to Affordable Housing Ideology as Culprit for Crisis

When hearing about the different narratives on the housing crisis, oftentimes the private sector is largely blamed. During an event hosted by The American Enterprise Institute (AEI) Wednesday, a recently published book was discussed which highlights a different perspective on the story of the housing market crash. Oonagh McDonald, a UK-based academic, wrote the book titled ""Fannie Mae and Freddie Mac: Turning the American Dream Into A Nightmare"" and asserts that the failures in the housing industry started with 'affordable housing ideology,' and was worsened by policy makers and the GSEs.

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Optimism Can Be Bad for Recovery, Rental Market is Bubble-Proof: Trulia

Optimism is good for the recovery, but too much optimism can lead us back on the path to the next housing bubble, said Trulia Chief Economist Jed Kolko during a conference call Wednesday. Although home prices are rising, renters might be overconfident, with 58 percent of respondents expecting home prices to return to peak in the next 10 years. In this case, Kolko said optimism is outpacing reality, and it is very unlikely that prices in those hardest hit markets will return to the peaks in the next 10 years. As for the rental market, Kolko said there is no danger of a bubble and if anything, we are in danger of the rental market becoming extremely tight in some markets.

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Freddie Mac Says Q1 Indicators ‘Encouraging’

Freddie Mac released its U.S. Economic and Housing Market Outlook for May on Wednesday, pointing to the available data as an encouraging sign for housing and the economy in 2012-3. The release details information gathered about economic growth and housing markets over the first quarter of 2012. Although not all of the data is positive, the outlook stated that the data for the most part ""trend in the right direction.""

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Homeownership Rate Falls to 15-Year Low

The nation’s homeownership rate (seasonally adjusted) dropped to 65.4 percent in the first quarter, its lowest level since the first quarter of 1997, the Census Bureau reported Monday. The homeownership rate fell in all four census regions in the first quarter – the steepest drop in the Northeast, 1.2 percentage points to 62.5 percent. The homeownership rate fell 0.8 percentage points in the South to 67.5 percent; 0.5 percentage points in the Midwest to 69.5 percent, and 0.2 percentage points in the West to 59.9 percent. At the same, the homeowner vacancy rate fell to 2.2 percent nationwide, down from 2.6 percent in the first quarter of 2011, and the rental vacancy rate dropped to 8.8 percent from 9.7 percent one year earlier.

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Hispanics Projected to be Mega-Consumer in Housing Market

With Hispanics as the largest minority group in the U.S., mortgage industry professionals should also expect Latinos to be key players when it comes to America's home buying future, according to the 2011 State of Hispanic Homeownership report released by the National Association of Hispanic Real Estate Professionals. According to the report, 34 percent of Hispanics said they are likely to buy a home in the next three years, compared to 24 percent of all Americans.

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Consumer Sentiment Improving, Fannie Mae Survey Shows

Respondents from a Fannie Mae National Housing Survey for January 2012 expressed expectations for home prices to increase by 1 percent over the next 12 months, and most Americans continue to expect no change in mortgage rates. This marks the fourth month in a row consumer expectation was positive. The Fannie Mae survey polled 1,000 Americans through a telephone interview to assess attitudes towards different areas of the mortgage industry, including owning and renting, rates, homeownership distress, and the economy.

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