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Home Ownership Rates Remain Stagnant As Obama Administration Changes Tune On Foreclosures

November 9, 2010 by  

Home ownership rates remain stagnant as Obama administration changes tune on foreclosuresCensus Bureau data reveals that the home ownership rate in the United States remains at its lowest in more than a decade.

The Bureau reported that the percentage of households that owned their homes was at 66.9 percent during the July-September quarter, which was unchanged from the April-June quarter, according to The Associated Press. The last time the rate was lower was in 1999, when it was 66.7 percent.

Of the 131 million housing units nationwide, roughly 19 million were vacant. The Bureau states that 10.3 percent of year-round rental units were listed as vacant or for rent.

CNN reports that President Barack Obama and his administration have changed their stance on the housing market recovery. In February 2009, Obama signed off on a foreclosure prevention program, claiming that loan modifications would help curb the housing crisis. Recently, Obama officials have said that foreclosure, which allows homes to be resold to families that can afford them, is an important part of long-term stability in the market.

The change in rhetoric signifies that the Obama administration is realizing that the loan modification program is failing, the news provider reports.

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