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Wednesday, October 29, 2014

TODAY'S BIG NUGGET: The Remaining Flat Tire on the Road to Recovery: Home Ownership

Homeownership in America Has Collapsed—Don't Blame Millennials (Derek Thompson) from the Atlantic
"Americans between 35 and 44 have had the sharpest drop in homeownership since the recession struck, far outpacing the national rate. ... Read Trulia's Jed Kolko on why the middle-aged are the true lost generation of homeowners. In short: They bore the brunt of the foreclosure crisis:..."
It's a rather odd column in the sense that Thompson seems to think that people are choosing not to buy homes.  It is my perception that the problem is that in the wake of the Great Recession, people don't have the incomes to buy and, even for many of those that do have the foundation, the problem is on the lenders side as well: the only people who can qualify for a mortgage these days are people who don't really need a mortgage in the first place.  Last year 80 percent of home sales in Vermont were "cash only" sales.  

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