The American Dream Plunges to Record Low 

Homeownership must be in decline in every country due to the foreclosure pandemic; in peace

sentinelblog

From Wolf Street, by Wolf Richter

Consequence of turning “home” into a financialized “asset class.”

Something happened on the way when the concept of “home” transmogrified to a financialized “asset class” whose price the government, the Fed, and the industry conspire to inflate into the blue sky, no matter what the consequences. And here are the consequences.

The Census Bureau, which has been tracking homeownership rates in its data series going back to 1965 on a non-seasonally adjusted basis, just reported that in the second quarter 2016, the homeownership rate dropped to 62.9%, the lowest point on record.

It matches the low point in Q1 and Q2 of 1965 when the data series began. At no time in between did it ever fall this low. And it was down half a percentage point from 63.4% a year ago.

The relentless slide has lasted for 12 years, from its peak of 69.2%…

View original post 606 more words

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