Fewer Americans Own Homes
The slow real estate market has resulted in fewer Americans owning their own home, the Boston Herald reported October 27, 2007.
The U.S. Census Bureau provided the data, reporting that 68.1 percent of Americans owned their own home in the third quarter, down from 69.3 percent in mid 2004.
"The pullback marks the first time homeownership levels have fallen for five consecutive quarters since the government began tracking such data in 1981."
Of course, a lot of people over the past few years obtained home loans, despite the fact they didn't have the credit history, assets or income to justify it. That's why the mortgage industry is in turmoil right now, and, obviously, fewer people are being approved for loans.
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