“Once a nation of homeowners, U.S. turns to rentals”The percentage of people who own a home dropped to 65.9 percent during the second quarter — the lowest since the first quarter of 1998. That was down from a peak of 69.2 percent reached in late 2004, according to the U.S. Census Bureau, when lax lending standards were fueling home sales.
The change appears to be gaining momentum.
“Even in cases where it might make more financial sense — or it might actually be cheaper on a monthly basis to own a home rather to rent one, a lot of people are not making that purchase,” said Oliver Chang, head of U.S. housing strategy at Morgan Stanley.
“The trend that we’re on is going to continue,” he added.
Next… “Once a nation of renters, U.S. turns to tents.”
And next… “Once a nation of campers, U.S. turns to cardboard boxes.”
And… “Once a nation of shanty towns, U.S.turns to litter boxes” or whatever.
Lookin’ forward to four more years of Obama and his Republican playmates!
