home ownershipThe U.S. homeownership rate during the third quarter was unchanged from the previous quarter, stuck at its lowest level in almost 11 years. The numbers, released in a Census Bureau report Tuesday, indicate little progress in Americans' efforts to save their homes from foreclosure or buy new ones.

During the third quarter, 66.9% of U.S. households owned their homes, the same as the second quarter and down from 67.6% a year earlier, according to the report. Before the second quarter, homeownership rates hadn't fallen below the 67% threshold since the fourth quarter of 1999. Rates hit a recent high of 69.2% in 2004.

Homeowners and prospective buyers appear to be making little progress as millions of homes have been foreclosed upon since the most recent recession began in late 2007. Although the Federal Government's Troubled Asset Relief Program (TARP) has tried to get financial institutions to modify home loans, TARP has been responsible for less than half of the 467,000 permanent loan modifications since its inception, while homeowners have lost 1.7 million homes through foreclosure since January 2009, according to a report from TARP's Special Inspector General late last month.

Meanwhile, U.S. existing home sales in September fell 19% from a year earlier, while the median sales price was down about 2%, the National Association of Realtors said on Oct. 25. NAR Chief Economist Lawrence Yun characterized the pending recovery in the housing market as "choppy."

At 71.1%, third-quarter homeownership rates were highest in the Midwest, while the West region had the lowest rate, at 61.3%, according to the Census Bureau.


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Pam Miller

1.7 MILLION families now have no credit for 10 years, all because the OBAMA TEAM forgot to put the proper legal language in the document, before giving all OUR money, to the banks. This was downright criminal. Done on purpose to ruin this country.

November 03 2010 at 11:13 AM Report abuse +1 rate up rate down Reply
lnl80388

So Barny Franks bringing this nation to the edge of disaster putting people in houses they could never afford using Fannie and Freddie proves out to be just another democrat failed socialist program.

November 03 2010 at 10:04 AM Report abuse rate up rate down Reply
ifmd91

President Obama promised that his health care law would give us more health care coverage and "bend the cost curve downward." In some way or another, Obamacare was supposed to cover more people for less money. (this only works with products when you have them made in CHINA) Seven months after the passage of Obamacare, the laws of economics have struck back. Under the new Obamacare law, insurance companies are forced to provide "free" screenings and preventive care, but there's nothing free about Obamacare. Ultimately, we all will pay the cost of these "free" services in the form of lower wages, higher taxes or higher health insurance premiums. Some insurance companies have already increased their premiums by an average of 20 percent to help pay for the extra benefits required under Obamacare. It has been reported that consumers may face total premium increases as much as 47 percent in the near future. Under the new law, it is mandated that all employers who offer health insurance must spend at least 80 percent of their revenues on patient care. "Mini-med" policies offered to 2.5 million low-wage workers do not meet this requirement. Many businesses, including McDonald's, have spoken out against this costly provision. Some small businesses that are harmed by these costly regulations will have to choose between ending health care coverage and going out of business. Surely, even the most ardent supporters of Obamacare would agree that mini-med coverage is better than no coverage at all. This is an example of a trade-off that the fact of scarcity requires. No matter what politicians may promise, you cannot get something for nothing.

November 03 2010 at 10:04 AM Report abuse +1 rate up rate down Reply
tr

WHAT HAPPENED TO OUR COUNTRY?

November 03 2010 at 8:41 AM Report abuse rate up rate down Reply
tcptools

OK as an American working overseas I have awakened to a better political picture. I fear there was not enough change to really make a difference, but in two years we can fire the slackers who will not cut spending. This comment section was on home ownership. I read one post remarking on a minimum down payment. Good idea, and I would say 25% would be a good number. That would show an ability to save and also a long term career is needed to save this amount of money. We can't have part time workers depending on government subsidies to make their payments. That was never a part of the American Dream. If the government makes your payments, then the house belongs to the government. I don't want any government workers or politicians in my house. I don't need them and I don't want them in my house. The goverment should build roads for commerce, provide a standing army and provide federal police with federal jails. Any state and local laws will be the responsibility of State and local governments. That is all I want from them. The locals laws will be determined by the local people. They might think carefully about how many laws they make, when they have to house the prisoners. All infrastructure needs should be paid for by the local landowning users. Fairly simple in my humble opinion.

November 03 2010 at 6:40 AM Report abuse +2 rate up rate down Reply
onemightylight

Good night, Freida, God bless! Hello everyone!

November 03 2010 at 1:31 AM Report abuse +2 rate up rate down Reply
yesitkenbe

time for some reps to start job hunting.

November 03 2010 at 1:12 AM Report abuse +2 rate up rate down Reply
mikfete58

...and foreclosures are in its second wave. Commercial real estate STARTING its crash right now. Great Depression # 2 is here!

November 03 2010 at 1:11 AM Report abuse +3 rate up rate down Reply
fixitright57

time to stock up on dry beans, flint starters, tents, short wave,and Vaseline!!!

November 03 2010 at 12:54 AM Report abuse +1 rate up rate down Reply
CnOWrms1

Cap and Trade, DOA. Obamacare, to be repealed.

November 03 2010 at 12:41 AM Report abuse +8 rate up rate down Reply
1 reply to CnOWrms1's comment
onemightylight

CnOWrms, hello! And right you are! This has been a good day!

November 03 2010 at 1:30 AM Report abuse +1 rate up rate down Reply