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Fourth quarter saw biggest one-year drop in since tracking began in 1965 - as mortgage problems and rising foreclosures take their toll.
NEW YORK (CNNMoney.com) -- The housing and mortgage meltdown caused the biggest one-year drop in the rate of homeownership on record, according to government figures released Tuesday.
The decline, while expected, is yet another indication of the housing market's sudden and dramatic turn….
…"It's an incredible story," said Dean Baker, co-director of the Center for Economic and Policy Research. "We're back to where we were in 2002, which is before the subprime nuttiness and run-up in prices. And it's not clear how much farther we're going to fall."…
….A record 2.18 million homes sat vacant and available for sale in the fourth quarter, according to the report, up from 2.07 million in the third quarter and the 2.1 million a year earlier. The fourth-quarter reading on vacant homes for sale matched the previous record set in the first three months of 2007. …
…The report shows that 2.8% of homes not in the rental market now sit vacant, matching the record high, also from last year's first quarter. That's nearly twice the rate of vacant homes that were on the market during the first quarter or 2001, just as the economy was heading into its last recession.
"For some perspective sake, this measure never topped 1.9% until the housing bubble started deflating," said Mike Larson, a real estate analyst with Weiss Research…..
Dream turns into nightmare: The report shows that the ability of home ownership is slipping away for many Americans who had taken the plunge and bought homes during the housing boom of 2003 to 2005. The accelerating decline in ownership rates is a stark contrast to the relatively steady rise over the previous 20 years.
Home ownership rate posts biggest annual drop on record - Jan. 29, 2008
NEW YORK (CNNMoney.com) -- The housing and mortgage meltdown caused the biggest one-year drop in the rate of homeownership on record, according to government figures released Tuesday.
The decline, while expected, is yet another indication of the housing market's sudden and dramatic turn….
…"It's an incredible story," said Dean Baker, co-director of the Center for Economic and Policy Research. "We're back to where we were in 2002, which is before the subprime nuttiness and run-up in prices. And it's not clear how much farther we're going to fall."…
….A record 2.18 million homes sat vacant and available for sale in the fourth quarter, according to the report, up from 2.07 million in the third quarter and the 2.1 million a year earlier. The fourth-quarter reading on vacant homes for sale matched the previous record set in the first three months of 2007. …
…The report shows that 2.8% of homes not in the rental market now sit vacant, matching the record high, also from last year's first quarter. That's nearly twice the rate of vacant homes that were on the market during the first quarter or 2001, just as the economy was heading into its last recession.
"For some perspective sake, this measure never topped 1.9% until the housing bubble started deflating," said Mike Larson, a real estate analyst with Weiss Research…..
Dream turns into nightmare: The report shows that the ability of home ownership is slipping away for many Americans who had taken the plunge and bought homes during the housing boom of 2003 to 2005. The accelerating decline in ownership rates is a stark contrast to the relatively steady rise over the previous 20 years.
Home ownership rate posts biggest annual drop on record - Jan. 29, 2008
