Home ownership at Lowest Level Since 2000
According to the Census Bureau, the rate of U.S. home ownership slipped in the 2009 first quarter to the lowest level since the start of the decade.
The U.S. homeownership rate dropped to 67.5 percent from 68 percent a year earlier, driven largely by a sharp decline among younger buyers as well as among African-American households.
Loose credit pushed up national home ownership levels in recent years, but the trend is now being reversed by the recession and a foreclosure epidemic.
Source: The Wall Street Journal, Conor Dougherty (04/28/09)
What is being done to improve the rate of Home ownership?
The American Recovery and Reinvestment Act of 2009 authorized a $8,000 tax credit* to first-time home buyers who purchase a home from January 1, 2009 to December 1, 2009.
This credit coupled with the low interest rates is why NOW is the time to BUY!
