Homeownership Reaches Record Lows
According to new industry estimates, millions of houses on the verge of foreclosure could send homeownership to its lowest level since 1960.
Long considered a cornerstone of the American dream, homeownership has been sliding since the housing bubble burst in 2006. New projections say the rate could plummet to about 62%, compared with 69.4% in 2004. Homeownership rates haven’t been that low since 1960, when they hit 61.9%.
14 Million Underwater, Deutsche Banks Predicts 20% Increase by 2011
In other real estate news, more than 14 million homeowners are underwater on their mortgage today and Deutsche Bank expects that number to increase to 20 million by the end of 2011. The bank also expects a rise in strategic defaults.
Foreclosure Workshop Shares Tips to Learn from the Wealthy
Roy Oppenheim shared what homeowners can learn from the wealthy during his monthly Strategic Foreclosure Workshop this week. Hundreds participated as Oppenheim shed some light on strategic defaults, short sales and loan modifications strategies.