Home Ownership Down, Rental Market Up

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Real Estate Agent with Seven Gables Real Estate BRE 01727426

According to the U.S. Department of Commerce on Monday, home ownership levels are at 66.5 percent for the fourth quarter, the lowest they have been since the fourth quarter of 1998. Not surprisingly, at 9.4% the rental vacany rate is the lowest it's been since 2003.

"Further foreclosures, a continuation of poor economic and tight credit conditions ... means that the homeownership rate probably has further to fall," says Paul Dales, senior U.S. Economist for the company. "The desire to own a home is clearly much weaker than it once was.

As people leave their homes due to foreclosure or short sales, the rental market has picked up to allow for this new gap in homeownership.

 

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Rainer
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Marilyn Tolhuizen
McColly Real Estate - Crown Point, IN
Real Estate Specialist - 219-616-7069 - NW Indiana

Well that would certainly helps answer my question as to whether or not my company can expect to make any money in rentals.  See my blog http://actvra.in/4MV

Feb 02, 2011 01:39 PM #1
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Rainmaker
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Nancy Moeller

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