Phony ‘recovery’: Home ownership at 18-year low

Phony ‘recovery’: Home ownership at 18-year low

Insolvency, Cagle, July 30, 2013More proof there has been no “recovery”:

“The U.S. homeownership rate, which soared to a record high 69.2 percent in 2004, is back where it was two decades ago, before the housing bubble inflated, busted and ripped more than 7 million Americans from their homes.”

Home ownership is at an 18-year low. That takes us back to 1995, under President Bill Clinton.

And the 2004 “high” number was only because of the Bush-Greenspan “bubble economy” based on massive deficits from wild spending, lower interest rates, easy money and lax lending rules from Fannie and Freddie. Even Bush’s tax cuts were bogus because they were temporary.

Obama — who should be remembered as Bush III — has continued the anti-middle class policies of Bush II.

Humorously, Obama has been touring some areas boasting about how he was helping the embattled middle class. Well, he could start by repealing the 2 percentage-point FICA tax increase of Jan. 1 this year, which he agreed to with “anti-tax”/really tax increase Republicans in the House. And which boosted the middle class’s taxes by $1,000 a year. Then he could agree to repeal Obamacare. Then…

Oh, what’s the use. If you’re in the middle class, both parties just want to gouge you to line the pockets of themselves and their Crony Capitalist masters.

 

 

8 comments

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  1. Ulysses Uhaul
    Ulysses Uhaul 30 July, 2013, 12:36

    It is booming in residential investment property. Sorry you doomers are always late for big profits! Are you aware ultra conservative sites may have a few Bagdag Bob’s spooning you misery, self doubt and general beat downs?

    Reply this comment
    • eck
      eck 30 July, 2013, 21:30

      Are you even aware of how hard it is for an average Joe to buy anything in northern Ca these days? Yeah, great if you have investments. Not so for most others.

      Reply this comment
  2. Let It Collapse
    Let It Collapse 30 July, 2013, 13:18

    There aren’t many news sites one can go to and get the truth any more. But from what I’ve seen so far, this is one site where the truth is being told.

    About 20% of US homes are still underwater on their mortgages. Another 4% have 1%-5% equity in their properties.

    So about one quarter are still deep in the doo-doo. That’s alot of homes and a lot of people.

    The only thing keeping them from going lower is ZIRP. (zero interest rate policy). Sooner or later that has to go away. When it does, watch the home prices plummet. The RE markets are still gamed. We don’t have a real economy any more. We have a gamed economy. All smoke and mirrors. Lots of Wal Mart workers. Lots of pizza delivers. Lots of public employees. All getting nice subsidies from the gov.

    But, hey, you can go to Detroit and find a home for $10,000 (no joke). Just make sure you have at least the same amount invested in survival materials and gear if you decide to jump on that bargain.

    Reply this comment
  3. Donkey
    Donkey 30 July, 2013, 15:35

    John, it is clear to anyone that has been in the private sector for twenty or more years that the economy is in the tank. For their own selfish reasons the state propaganda machine is trying in vain to BS the working people. 🙂

    Reply this comment
  4. Donkey
    Donkey 30 July, 2013, 16:23

    UU, sorry about your coming luck!! 🙂

    Reply this comment
  5. Dyspeptic
    Dyspeptic 30 July, 2013, 23:14

    “It is booming in residential investment property.”

    Sure it is Uhaul. Why don’t you go attend one of those “Get rich quick in real estate, it’s sure deal” seminars and then go buy some houses with no money down. Just like in 2006. I’m sure that will work out for you, SUCKER!

    Reply this comment
  6. Hondo
    Hondo 31 July, 2013, 08:23

    Less home ownership is a good thing, compared with the problems of 2008, when too many people had homes they couldn’t afford. Things were going to get better when the real estate market leveled out. And things have gotten a little better. That is despite 7 trillion dollars of deficit stimulus spending. How many people do you know who got one of those ‘shovel ready’ jobs?
    Hondo…..

    Reply this comment
  7. jimmydeeoc
    jimmydeeoc 31 July, 2013, 10:23

    residential WAS undervalued – two or three years ago. But the recent pop in prices and rise in rates have eaten up future potential. I see prices pretty much flatlining for a few years.

    Reply this comment

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