Home Ownership Rate Drops To 1998 Level

In the first quarter, 66.5% of Americans owned homes, down from 67.2% a year earlier, the Census Bureau reported. The rate last hit this level in 1998.  The rate is expected to drop below 65%.

Housing experts say each 1% decline in the home ownership rate represents the movement of one million households to rentals.

In essence, the Fannie Mae fueled subprime housing bubble is completely erased (see Bankrupt Fannie).  Privately owned homes are being converted into rentals, and former homeowners are becoming renters in their own homes.

Values have been dropping precipitously.  The tragedy is not that the unemployed, poor credit customers were given access to home ownership, and are now out.  The tragedy is that the entire housing industry collapsed beyond the boundaries of the subprime bubble, and has destroyed the meager, and sole source of retirement wealth for millions of middle-class baby boomers, some seventy million of them.

While the Democrats are working to shift wealth and grow the government, their "Affordable Housing" fantasy has created dependents out of those who formerly paid taxes.

In essence, the Democrats are burning the candle at both ends.  The result is a full on disaster for retiring baby boomers.  The boomers have no more time to plan a different outcome for themselves, they are nearly finished.  Decades of feeding the social programs the Democrats created, the rug now being fully pulled from under their feet - and nothing they can do about it.  Heck, Chris Dodd and Barney Frank are covered, their congressional pensions and medical benefits put them in the end-zone.

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