U.S. Will Remain a Nation of Homeowners
That's what the National Association of Realtors would like you to believe. Follow the link and see for yourself.
I don't buy that. Here is a different perspective. At a recent Americatalyst conference they had real experts who are NOT directly trying to sell you a home, and who DO NOT constantly, relentlessly claim that NOW is the perfect time to buy...and they came up with this nugget:
Over the past two years, increasing demands for a national rental housing policy finally gained traction in Washington in 2010 with a groundbreaking conference supported by the White House and the Departments of HUD, Treasury and Agriculture. On Aug. 10 of this year, FHFA issued a public Request for Information to solicit ideas for sales, joint ventures or other strategies to augment or enhance the current and future disposition of REO properties, including their transition to rental housing. While the public dialogue moves toward balance between homeownership and rental policies, the debate over the definition, models, incentives and implementation of rental policy has only just begun
I think the federal government's role in promoting home ownership is in serious retrenchment. Permanently. And the banks who made those mortgage-backed loans are in major trouble--all of them. And the market for mortgage-backed securities is basically just the GSEs now. Nobody wants to buy private ones anymore, for good reason. So who is going to pay for all those homes that the realtors claim we are going to buy, because real estate is SUCH a great deal?
It is more likely that we are going to see plans for turning condos into apartment buildings.
Thanks to Fred Pilot for this link.