Our recent experiences in Washington, D.C., confirm that homeownership is clearly a value that is promoted by most politicians. They are in for a rude awakening, however, and a legacy that they will not be proud of. Eight million homeowners are currently not paying their mortgage, and we believe 6 million of them will lose their home to the bank in the next two years. This will reduce the homeownership rate to 62 percent, as follows: According to a recent study, another 5 percent of all households, which roughly equals 5 million additional homeowners, have no equity in their home. This suggests only 57 percent of U.S. households own a home with equity value. If you believe that many will strategically default, this will push homeownership even lower. Her...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.