In 1980, Home ownership was ~66%, it slid with the recession, bottoming under 64% in '85. By 1995, as rates came down, advantageous tax changes were made, and (of course) vast wealth was being created by the stock market rally, the ownership rate moved higher.
By the end of the dotcom boom, it was up to 67%. Five years later it was over 69%.
Today, we are back under 67%. I would expect to see at least another 1-2% come off of this rate, as we have another 3-5 million foreclosures.
IF WE END UP ALL THE WAY BACK DOWN AT 64 TO 65% IT MEANS THAT MUCH OF WHAT HAPPENED OVER THE PAST 15 TO 20 YEARS WAS NOTHING BUT AN ILLUSION BASED ON DELUSION AND GREED.
No comments:
Post a Comment