Back to renting: NYT sees sharp drop in homeownership levels

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The New York Times reports tonight that levels of homeownership have dropped sharply since 2005, wiping out all the gains of the Bush-era push for expanded homeownership: ‘Driven largely by the surge in foreclosures and an unsettled housing market, Americans are renting apartments and houses at the highest level since President Bush started a campaign to expand homeownership in 2002.’

More: ‘The percentage of households headed by homeowners, which soared to a record 69.1 percent in 2005, fell to 67.8 percent this year, the sharpest decline in 20 years, according to census data through the end of March. By extension, the percentage of households headed by renters increased to 32.2 percent, from 30.9 percent. ... ‘We’re not going to see homeownership rates like that for a generation,’ said economist Mark Zandi.’

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