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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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  • Lizzie

    Ahhh…they’ve woken up! Keep the federal government out of the housing market and any other business…that’s the lesson here!

    • Dan Burke

      Yes, that is the lesson. But do I trust that the Obama administration has learned this? No. In fact, this would be perfect timing for them to make sure that there is a rash of foreclosures and so forth so that they can try and blame the mess on the Republicans during these next couple years. Then they can generate a discontent population more willing to accept a move like the progressive champion Hugo Chavez and initiate government takeover of housing….

      • 45caliber

        Actually, the price of houses has dropped so much that the people in houses facing foreclosure would be paying so much more for the houses than what they are worth that none of them are interested in keeping them. It is much better to buy some house that doesn’t cost nearly as much.

        And it gives these people the ability to buy cheap houses now with the intention of selling them for a profit later.

        • http://www.jimbernard.org Jim Bernard

          People may walk away from their unsustainable home mortgages, but often the greedy banks still require them to keep honoring the contracts they have signed. Declaring bankrupcy might be an option, but there are serious downsides to declaring oneself bankrupt.

          reinstating high tarrifs to get jobs back in the US would be difficult
          because it costs a lot of money to set up new factories, plus our investors would opt for building factories in lower income countries
          because of the lower salaries they might pay.

          All is lost unless this option is taken up

          In the perhaps lawless days ahead ( police tend not to turn up for work if they have not been paid for a while) it will only be Keynesian type central planning that will save countries.

          In particular, electronic banking transfers of several hundred dollars a week in credit from the Federal Treasuries to the bank accounts of most people.(free from private bank involvement)

          This will be in the form of low interest loans at perhaps one per cent.

          Being credit it will cost the treasuries nothing – but will restore prosperity in all countries.

          • 45caliber

            You REALLY need to go back to school and do a lot more study before you start talking economics! I’ve seen first year students do a better job! The government giving away money every month will return us to a good economy? That is just so … wrong it is hard to even start setting you straight!

          • JC

            I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
            Thomas Jefferson,

      • eddie47d

        Dan; You usually write wiser comments. The Republicans have done plenty to stagnate our economy. They should take at least equal blame for the housing debacle. Banks and financial institutions have plenty of money to help out their mortgage customers and 19 million vacant houses is rather insulting.The article didn’t say if most of those houses were the unemployed. That could be a big holdup;no money no home. I think the government has helped the banks enough and it’s time for the banks to step up.

        • 45caliber

          And how would you suggest the banks “step up”? Giving the houses away for free?

          Banks basically play with their customers’ money by loaning it out for profit. If they lose money, it won’t be their own! Since they want to loan out my money, I want them to be sure to make a profit at it so I can assure that my money is there when I need it. I certainly don’t want them to give away my money to help someone else!! I need it to pay my own bills!

          • Simian Menace

            It won’t be there anyway. Because of Fractional Reserve Banking, only a small fraction of everybodies money will be there.

            How about this: they step up and give the American People they cheated a break and NOT TAKE A BONUS THIS YEAR!

            They screwed us and destroyed our economy… and yet they have recieved a bonus every year for doing it.

    • Warrior

      Come on, it’s an easy fix. We’ll just have Bwarney Frwanks develop a loan program to make home ownership affordable to anyone. After all it is a basic human right you know.

  • http://purple50.org Gregory Zorn

    Let the price fall to a leval the market will bare and housing will be afordable again. Housing was an artaficial bubble and until all the air is let out the problems will continue. To Lizzie’s point, it was infact “regulation” by the Fed’s that pushed the banks and lenders to loan to people that would not otherwise qualafy that started the mess, not “de-regolation”. A social enginering exparament that failed.

    G. Zorn
    purple50.org

    • 45caliber

      You are correct. It started under Carter and was expanding under Clinton. Clinton stated that if the banks didn’t have at least a 10% failure rate of loans then it wasn’t doing its job – which never made any sense to me at all. Further he assured all the banks that the government would step in and take care of these failures if needed.

  • Vic Bailey

    Get the government out of everything except protection as it should be, they can’t run anything and make money. They took over a whore house Nevada, and they couldn’t even make money selling booze and women, so how are they going to make it in a real business? They will lose money any time they get involved in business. Semper Fi.

    • Rick S

      Hahaha, I almost bust a gut laughing at your post.
      I’m a Canadian and have the same opinion of our government.

    • 45caliber

      Agreed. The business man hopes to make a profit and tries to make sure the business will do that. The government cares very little about profit; they have other concerns such as “share the wealth” or making jobs that do nothing.

  • http://com i41

    Onumnuttds never will get the facts straight or understand reality. Since this purple lipped marxist jackass, has always lived off of someone else. He is an elitist Havvid book trained telapromter reading idoit, who has never worked a job. If you don’t have a job and chances of getting employed, what the hell would you want to go into to debt for a money pit, you don’t make any money unless economy turns around. A house is nothing more than a sticks and paint, a non producing money sucking vacum. It has always amazed me since I was in high school, banks would loan me money to by a boat, car or a damn house, but if I wanted to buy land or something to create more money, their noses went so far up, if it had arain shower going over, they would have drowned. Now with the Banking Reform f–k up, there will be even less jobs created. What sorry puke minded smucks gets the credit, the NMCDUP and the socialist leaders in cheif. The beltway smurfs are pretty disconnected from real life, million dollar houses are a joke. When house values decend to to prices 3/4s of what they are now, it is close to true value. The idea of a average shack costing $265,000, When hourly wage is barely is above $12.00 a hr., get a damn clue why sales are dead.

    • 45caliber

      When I still rented and when I bought a house, it seemed terrible to pay even $500 a month in rent or house payment.

      Now it seems as if no one really worrys about that being up to $2500 a month! My son earns enough to pay all their normal bills but his wife has to work to get enough to pay their house payment. That, to me, is terrible!

  • http://GOGGLE vaksal

    it doesnt take a rocket engineer to look at the housing problem,there are no jobs to pay for those homes,and hence no tax money is flowing to pay for services and general upkeep of the inferstructure,and guess what thank you ever so much president clinton for pushing (NAFTA)through,but credit should be given too all on that swindle,the dumocrats and rhinos voted it through,yes our noble encumbants of both parties,it was the worlds greatess (YARD SALE IN THE HISTORY OF THE WORLD)and that sale was the focal point of this nations demise into finacial ruin,because of the master of the universe concept that since they the elected elites are running the nation,they can do as they wish,well if they want to stop this collaspe,easy,put a tax on foriegn made products,if those products can be made here,in otherwords in simple laymans terms (TAKE CARE OF YOUR OWN GARDEN AND PULL OUT THE WEEDS(FOREIGN GOODS) thats called nation building and guess what that called earning your keep,oh mighty ones of the know it all educated elites that have caused the collaspe at this nations expense,guess what fix it or see what happens,people need to eat and many of those working morons(the left wing educated bunch description of those who voted against them) are more than willing to hang all these traitors that caused this,the leftwing neo-com communist have broken the beehive and the bees are out for the robbers and crooks that have stolen the honey,and guess what winter is coming,and what do you think people with only a small amount of money are going to do pay there bills(taxes) or feed their familys ,and guess what christmas this year will be the worst in this nations history why? because the (grinch)clinton and the happy band of elites gave this nation the bums rush,shomozed every man,women and child out of their livings via (NAFTA)but dont worry the government will be giving out used card board shelters this year,with the low go “from your government that cares”.from just one angry american one of many millions,and we want paybacks,hang the crooks period!

  • tim w

    Vaksal:

    You win the prize for the world’s longest run-on sentence.

  • Jill

    Ya think?

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