Rising home values and declining foreclosure rates indicate a slow but steady recovery for the US housing market. Obstacles remain, however, including negative equity due to 'underwater' mortgages.
More Americans seek low-cost rentals instead of homeownership in the post-crash housing market. Affordability is the main challenge with 42 million US households paying more than 30 percent of their income on housing.
Homeownership rate falls from 66.2 percent to 65.1 percent in the past decade. Homeownership gap between whites and blacks is biggest since 1960.
Home sales in May stood at 4.8 million – down from 5 million in April and lower even than the figure for winter months. Realtor association cites tight credit and severe weather.
Homeownership is supposed to be better for neighborhoods and children than renting a home. But the rent or own debate is not so clear-cut?
Homes sales have taken a beating in this recession. But the growth of the immigrant community should result in more home buyers, according to a Harvard study.
Desperate for revenue, more cities and counties are proceeding with tax foreclosures when residents fall several years behind on their property taxes.
The slowing pace of decline suggests that the US housing market is moving toward stabilization.
Higher rates led to a 16 percent drop in mortgage refinancing last week.