The percentage of Americans who own their own home has been slipping for many years. The percentage of Americans who live in their own home is now receded back to the rates that existed in 1998, according to recent census data. In the first quarter of 2011, home ownership in the United States slipped to 66.4%. This is on top of a reduction in the number of families who own homes in the fourth quarter of 2010 to 66.5%.
2005 Was The Apex of Home Ownership In the United States
In 2005, 69.1% of Americans owned their own home. The rate of home ownership in the United States has been steadily declining since 2005.
The American Dream
Owning a single family home has been the American dream during the 20th century. The Bush Administration and the Clinton Administration had policies to foster home ownership. Unfortunately, these policies were too generous and the American public manipulated these programs to create a real estate bubble in the United States. For the past three years, this real estate bubble has had a negative effect on the economy in the United States. The trend is starting to change in 2011 and hopefully in 2012, an election year, America will come out of it’s recession and real estate values will increase.
We help clients whose homes are in foreclosure. We assist our clients with mortgage modification applications, as well as dealing with mortgage modification programs that fail to meet our clients needs. We have extensive experience in litigating all aspects of foreclosure proceedings, including, but not limited to, defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith issues and foreclosure related real estate proceedings.
We attend foreclosure court conferences for our clients. We also provide clients with a list of foreclosure options. These options include foreclosure related bankruptcies such as Chapter 13 bankruptcy and Chapter 7 bankruptcy. Both of these bankruptcies immediately stop foreclosures from moving forward. If we file bankruptcy for our clients, we also can help them in re-establishing their credit at the end of the bankruptcy. Feel free to call us for a free consultation. We appreciate you spending time on our foreclosure blog.
