From Realtor Magazine Online, Daily Real Estate News August 6, 2009
Homeownership rates are declining and will likely continue to fall through 2020, predicts a University of Utah analysis.
"[Homeownership] will fall steadily by about half a point per year," says Arthur C. Nelson, director of the university's Metropolitan Research Center. "We'll have far more renters in the future."
Homeownership peaked at nearly 70 percent in 2004 and 2005. By the second quarter of this year, it had declined to 67.4, according to the U.S. Census Bureau.
"We're returning more to what was normal in the 1960s," says Dowell Myers, housing demographer at the University of Southern California. "People didn't buy homes then as an investment. They bought them to raise families."
Source: USA Today, Haya El Nasser (08/06/2009)
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