WOW! Finally an end to negative advertising as Voters went to the polls today in record numbers. It hardly seems possible that Halloween 2010 is a mere memory, cooler whether is here to stay and folks across the country will soon be celebrating Thanksgiving. In spite of difficult-times, we do truly have a lot to be thankful for this time of year!
As voters went to the polls today, news emerged that homeownership is at its lowest level in more than a decade, hampered by a rise in foreclosures and weak demand for housing. The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said today. That's the same as the April-June quarter. The last time the rate was lower was in 1999, when the rate was 66.7 percent.
The homeownership rate was around 64 percent from 1985 through 1995. It then rose dramatically during the Clinton and Bush administrations, hitting a peak of more than 69 percent in 2004 at the height of the housing boom.
After the housing bubble burst, the rate has been declining gradually.
Although the economy is soft and consumer confidence remains low, new data from the National Association of Realtors shows positive signs for the future. To help homeowners and home buyers interpret current economic statistics, here are 10 key facts to understand about today's market.
1. The economy is growing, though slowly.
2. The private sector is finally creating some jobs.
3. Consumer confidence remains low, though clearly off bottom.
4. The 30-year mortgage rate is at generational lows.
5. The national median-home price is stabilizing.
6. Other home-price measurements also are showing price stabilization.
7. Home price-to-income ratios have returned to fundamentally justifiable levels.
8. Economists expect price increases in upcoming years.
9. Delinquencies are high but recent loan origination's are performing well.
10. The long-term path to self reliance may be helped from long-term housing-wealth gains.
Source: National Association of Realtors.
Sara Hibbard is a licensed Realtor in the state of Georgia. Sara can be easily reached at 770-399-8108 to answer your many questions regarding the Atlanta metro real estate market in general or specifics regarding the buying / selling process. Visit Sara's web sites and web pages located at www.SaraHibbard.com, www.SaraHibbardRealEstate.com, www.AtlantaMLSHomes.com, www.AtlantaMLSHomesBlog.com and www.ServingAcworthGARealEstate.com. Sara Hibbard looks forward to serving your real estate needs when the time is right for you.
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