“Article Says Foreclosures at the Lowest Monthly Total in Eight Years”
While that is a wonderful headline, there is a big problem. I keep reading that homeownership is at historic lows. One number that I read says the lowest homeownership level in 48 years. So you do the math, is there any wonder we are at the lowest monthly foreclosure level in 8 years?
What are causes for historic lows in home ownership? There are many, but I’ll name a few:
1) Government regulations, as a result of Dodd-Frank are making home ownership an out of reach dream for many.
2) Employment or lack thereof. Over 20% of Millennials are unemployed and over 20% only work part-time.
3) Student loan debt. Between the inability for many to get jobs in their field of study or even get a job, again is putting home ownership out of reach.
4) Credit issues that resulted from not being able to pay student loans, medical obligations and credit cards.
5) There are still millions of homes that are upside down. Their owners can’t refinance or sell and they are still paying high interest rates.
6) The family structure has been forced to change; many millennials are living with family. I see 2 families living in one household to save money.
What are your thoughts? What must be done to correct these trends?
Image courtesy of stuartMiles/Freedigitialphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
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