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Crisis lingers in this year’s State of the Nation’s Housing report

The market has made great strides but homeownership rate continues to fall
  • The Joint Center for Housing Studies released its 2016 State of the Nation's Housing report, detailing issues such as the lack of affordable housing, income inequality and steadily dropping homeownership rates.
  • According to the study, the homeownership rate dropped 5 percentage points from the 2004 peak of 69.0 percentage points.
  • For those who are looking to rent as an alternative to homeownership, the picture isn't pretty. More than 21 million renters spend more than 30 percent of their income on rent.
  • The JCHS panel says we have viable solutions to these issues, but the lack of funding allows these problems to persist. The panel suggested state and local entities work together to help their communities and that voters need to hold their leaders accountable for housing legislation.

The Joint Center for Housing Studies of Havard University released its 2016 The State of the Nation's Housing report that delves into a number of important housing issues, namely the lack of affordable housing, income inequality, concentrated poverty and the continuing decline in homeownership rates. According to the report, new home sales are strengthening with a 14.6 percent increase to 501,000 in 2015. Existing-home sales are blazing with a 6.3 percent increase to 5.3 million, which could lead some to believe the housing crisis is over. But in the study's accompanying live webcast, moderator and CNBC journalist Diana Olick was quick to point out the crisis is improving -- but not yet over. Income inequality and rising cost of living To back up her statement, Olick pointed to The National Association of Realtors' latest existing-home sales report that boasted the highest existing-home sales since February 2007, and the highest median home sales price ($239,700) since la...