Recovery? What recovery.
Imagine all the shadow foreclosures, inventory…
Wall Street Journal-
The housing market’s woes continue forcing people into rentals, further depressing the home ownership rate in a nation that now has fewer homeowners than were created during the housing boom.
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.
During the boom, when easy credit made mortgages available with less regard for income or ability to pay, the ownership rate surged to a record 69.2% in 2004?s second and fourth quarters and stayed near that level until the recession deepened.
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