I keep a weblog like it's still the 90s. For commentary and dissent please visit jontaylor.ca, or various other purveyors of thought online.

Thursday, October 15, 2009

Driving Off Another Mortgage Cliff

RealClearMarkets - Driving Off Another Mortgage Cliff: "During the housing bubble, when home ownership rates rose from about 65 percent to 69 percent of households, ownership rates barely budged at all among households led by adults 44 and over, and rose just slightly in households with adults 35-44, according to research by University of Virginia Professor William H. Lucy and researcher Jeff Herlitz. The really big gains came among households headed by someone under 25 years old, where ownership rates rose to 25 percent from 19 percent, and in households led by someone 25 to 29, where ownership rates rose to 41 percent from 36 percent. In other words, it isn't so much that government subsidized loans extend the American dream to those who would be denied, but rather to those who would be denied for a few more years."

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