During the second quarter of 2012, the Census Bureau showed homeownership rates declined to 65 percent, the lowest since 1965. Rates reached a peak of 69 percent during the boom of the housing market in 2005-2006. The ‘real rate’ subtracts homeowners who will soon face foreclosure due to delinquent mortgage payments.
The ‘real rates’ display a more accurate image of the financial stance of the housing market, considering how many foreclosure proceedings are backed up in the court system. The adjusted figures only go back to 1991 due to lack of tracking delinquencies and foreclosures before this time. Since there have been no major declines in the housing market before 1991, Sean Fergus of John Burns Real Estate Consulting said he believes the pattern is also accurate of ‘real rates.’
To view a chart displaying the information and read more on this story visit: http://www.businessweek.com/articles/2012-08-29/real-homeownership-rate-at-nearly-50-year-low#r=lr-fst
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.