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FBN’s Gerri Willis sounds off on the rate of ownership and whether we will see a trend change anytime soon.
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I was sad to read today that the rate of homeownership is down again.
It's now fallen by the largest amount since the Great Depression in the last ten years alone.
And according to the Census Bureau that rate declined by one point one percentage point to 65 point 1%.
Ownership rates were down in every single region of the country now to be sure.
The rate declined it doesn't sound like a lot but I think it makes a big difference think about it.
You want your next door neighbor to be a rancher or an owner.
Research shows that owners care more for their properties and are more likely to get involved in their local community in big cities where rental populations are bigger like New York City.
Are renters are 69%.
Of the population.
You can see the difference in the care taken of properties in the public areas.
But you know like you can't get too much of a good thing.
Over the last dictator so the federal government push more and more people into home ownership and the experiment backfired big time.
Too many people bought homes they couldn't afford because of federal guarantees and easy money.
The bubble burst -- the feds tried but couldn't put Humpty Dumpty back together again and now taxpayers.
Are picking up the tab.
First there's a 170.
Billion dollars we've plowed into Fannie Mae and Freddie Mac the two housing giants who were supposed to make housing a better place to invest.
There the programs to help people in foreclosure.
Those failed to cost taxpayers more billions harp -- the housing program for the jobless.
All of these failures and -- degrees that they never put a floor under housing.
I believe we're gonna have to allow this market to recover on that -- and the good news is that there are two powerful incentives that work that can help.
Mortgage rates as we reported this week you gotta see this is fantastic.
Rates plummeting.
Below 4% for the first time.
And prices they're down to 30% on average across the country more in some markets -- too powerful incentives working together.
We don't need any other incentive from the -- because history is now showing us that it just doesn't work when it comes to governing less just really more.
The government should be more like doctors first do no harm.
Maybe the most convincing argument for ending federal support for housing is this.
We have the seventh highest rate of -- -- on the planet behind Ireland Italy Australia the UK Canada and Finland.
Which of those have mortgage deductions.
Well.
Which of them have Fannie Mae's and Freddie -- Not align.
Look homeownership is a good thing but not everybody have to -- I think the federal government should stand aside and let the market -- its own level because the money we're spending a fix it it's.
