CNN Money- Home Ownership Hits Lowest Level Since 1965 

Paraphrased by Dr. Reddick

More and more people are becoming renters across the nation. Although buying homes right now is actually cheaper than renting, many people are not in the fortunate situation to buy.

 The current housing market creates the perfect opportunity for home buyers right now.CNN Money states that “Add in the tax perks of home ownership and for those who can afford it (and who can actually qualify for a loan), it certainly is a buyer's market.”

Many factors point to NOW being the perfect time to buy. The current housing market has made it cheaper to buy then rent! According to a Real Estate website Trulia “buying was cheaper than renting in 74% of the country's 50 largest cities in July.”

Not only have housing prices dropped at a record low, but interest rates have also hit rock-bottom.  CNN Money also mentioned that overnight the average rate for a 30-year fixed dropped to 4.19% and a 15-year fixed averaged just 3.43%.

According to CNN Money “with such favorable interest rates and good deals on homes, it's hard for potential buyers to resist taking advantage of the opportunity for too much longer.”

CNN Money has recently stated that “Home ownership is on the decline and, according to a recent Morgan Stanley report; the United States is fast becoming a nation of renters.”  The Census Bureau has reported that home ownership has dropped the lowest since the year 1998 to 65.9%. Morgan Stanley has actually come out with an even lower number of only 59.2%. Either way the fact is that home ownership is the lowest it has been since 1965 and there is a lot more renters than ever before.

People are now forced to rent because they either do not qualify to buy or are just too scared to buy. “In addition to the millions of people who have lost their homes to foreclosure, Morgan Stanley suggested that another reason for the decline in home ownership is that many of the people who would like to buy homes can't get a mortgage.”

This Housing Market has become a great opportunity for Real Estate investors who are looking into purchasing a rental property. Many people cannot afford to buy right now or are do not qualify which has caused the demand for Renting to skyrocket. 

 Source: CNN Money, “Home Ownership Hits Lowest Level Since 1965” August 5, 2011 Original Article

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