Trends In Home Ownership

The rate of people who own their own homes in this country has plummeted as the rate of foreclosures zoomed to its highest levels ever. In addition, the total delinquency rate for mortgages is near the highest level since 1985. Housing prices continue to fall and more and more homeowners owe more on their houses than the houses are worth.

The Mortgage Bankers Association (MBA) reported a few years ago that the homeowners’ share of the total value of their houses fell to 47.8 percent, the lowest percentage since the second world war. The MBA is predicting that this disaster in the housing market precipitated one of the most serious financial crises since the Great Depression.

However, this unwelcome, even frightening trend is actually turning into opportunities for people who didn’t jump into the frenzy of buying houses they couldn’t afford. Now is a good time to buy a house. The prices are down and bargains are to be had because of the many foreclosed properties on the market. With good credit and a solid history accompanied by adequate income, some families who haven’t been able to achieve this American dream may be able to own their own homes for the very first time.

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