Homeownership Rate Down Slightly in U.S.

Foreclosures, job losses, the economic downturn, employment insecurity and other factors are affecting homeownership across the country according to recent data from the Census Bureau. The Bureau reports that as of late 2009, the homeownership rate has dropped from a high of 69 percent in 2006 to around 67 percent. However, another report on homeownership issued by the New York Federal Reserve Bank claims that the actual rate is closer to 62 percent, a much sharper drop that, if accurate, would be far more worrisome. The Census Bureau issued their report in June. It recommends that mortgage lenders and the federal government help struggling homeowners by focusing more of their efforts on reducing the principal owed on mortgages, rather than their current strategy of reducing monthly mortgage payments by cutting the interest rate and extending the repayment terms of the mortgage. A spokesman for the Mortgage Bankers Association refuted the recommendation, saying that “principal write-downs” would lower homeownership rates further by forcing lenders to require higher down payments and tighten lending standards. He said that lowering mortgage principals would lead to falling property values, worsening an already bad situation in many real estate markets across the country. Are you thinking about boosting the homeownership rate by buying a Louisville home for sale? Then you have come to the right place! No other Louisville real estate company has a wider selection of residential real estate in the area than Louisville Properties. We’re a locally owned and operated company that offers many different real estate services for buyers and sellers throughout the Louisville metropolitan area. We encourage you to browse our listings and our site. If you have any questions, fill out our contact form for a fast response or give us a call today at 502.744.9504! Resource link: http://www.nytimes.com/2010/07/18/realestate/18mort.html?ref=realestate

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

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