America’s home ownership rate, which held steady for a while, took a big plunge in the fourth quarter of 2010, from 66.9 percent to 66.5 percent.
Bargains abound, but few are interested or eligible to take advantage.
Perhaps more concerning than the home-ownership rate is the vacancy rate. The Census tables don’t tell the entire story, but they tell a lot of it. Of the nearly 131 million housing units in this country, 112.5 million are occupied. 74.8 million are owned, and that’s only dropped by about 30 thousand in the past year. 38 million are rented, but that’s up by over a million year over year. That means more new households are choosing to rent.
Now to vacancies. There were 18.4 million vacant homes in the U.S. in the last quarter of 2010, representing 11 percent of all housing units vacant all year round.
Younger Americans have seen what home ownership has done to their friends and families, and many want no part of it.
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When will this insanity end?
Who will stand up for working class Americans? How about that ‘hope’ and ‘change’ thing Mr. Obama promised? Is this it?
It is time for Americans to say, enough!
