A few days ago, Housingwire.com posted a story about homeownership finally getting up off the canvas after being knocked down for an extended period of time. Of course, that’s excellent news.
It was reported that homeownership rates continue to rise for a second quarter in a row due to job growth and the ability to gain credit.
According to the Census Bureau, the share of Americans who own their homes was 63.8 percent in the fourth quarter, up from 63.4 percent in the previous three months. Total existing home sales (which are completed transactions that include single-family homes, townhomes, condominiums and co-ops), skyrocketed 14.7 percent to a seasonally adjusted annual rate of 5.46 million in December from 4.76 million in November.
“The homeownership rate has found a floor,” said Matthew Pointon, U.S. property economist for Capital Economics, in the online story. “We expect it to rise gradually over the next few years.”
Homeownership is also projected to get another boost, says the Federal Reserve Bank of New York, thanks to more college graduates now being able to afford housing.
To be sure, we believe in homeownership here at First International Title. You have to understand that there are numerous advantages – greater privacy; homes typically increase in value; costs are predictable and more stable than renting; and the interest and property tax portion of your mortgage payment is a tax deduction.
It’s been said that for many people, owning a home is the fulfillment of the American dream. We totally agree!!