Sunday, May 6, 2012
The U.S. Census Bureau announced this week, that in the first quarter of 2012, the American homeownership rate hit its lowest level in 15 years. During the housing boom, millions more Americans bought homes, bumping the rate to nearly 70 percent. Now, that buying spree has been replaced with millions of foreclosures, and most gains have been lost.
As homeownership rates keep falling, it has also become a excellent time to buy a house, in the Wisconsin Real Estate Market. Very low interest rates, courtesy of the Federal Reserve, and falling prices are making it even cheaper to buy a house. Meanwhile, rents are rising in Wisconsin and everywhere around the country.
The American dream of owning a home appears to be alive and well, and, in Wisconsin Real Estate and most other places, it's a good time to buy again.
"For big swaths of the United States, it now makes sense to buy and not rent," says Mark Zandi, chief economist of Moody's Analytics.
Nobody wants to see a return to the reckless lending days of the housing bubble, which boosted homeownership to an unnatural level, but the question going forward is this: Must the country return to its 1995 pre-bubble rate of around 64 percent homeownership? The rate has already fallen back to 65.4 percent.
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