Homeownership Dips to Six-Year Low

The continued blow of foreclosures has given a beating to homeowners accross the country, forcing many to abondon their homes and move into rental units or back home with family.



According to the latest U.S. Census Bureau statistics released on September 21, 2009, homeownership has declined to 66.6 percent in 2008, the lowest level in six years.

The perils of foreclosure has been heartfelt more in some areas than others and across different ethnic backgrounds. Homeownership fell the most for Asians, dropping 1.24 percentage points to 59.4, largely because about one-third of Asians live in foreclosure-prone California.

Homeownership for African-Americans declined 0.88 percentage points to 45.6 percent. While hispanic ownership declined 0.80 percentage points to 49.1 percent. Whites seem to be the least impacted by foreclosures with homeownership down only 0.40 to 73.4 percent.
Source: The Associated Press

If you live in a city that went through the boom and bust cycle of the real estate years, you probably can't help notice that certain new subdivisions still stand abandoned with new homes. The grass grows almost as tall as the for sale signs that stand in the midst of them.





Across the nation, 19 million houses and apartments — nearly one out of every seven — are vacant (roughly 14% of all homes), the highest percentage since the 1960s. But only about six million of those homes are for sale or for rent. That means millions more could still flood onto the market, depressing prices further.

Read the study here: http://www.nytimes.com/2009/03/07/business/economy/07home.html?_r=1&scp=1&sq=19%20million%20vacant%20homes&st=cse

Ever wonder how many homes there are in the U.S.? The magic number is 75.5 million.

About 32% of all homes have no mortgage where almost 16 million homeowners owe more than the value of their home.

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