Hopes are high for first-time buyers including college graduates who will be able to buy their own homes due to an increase in homeownership after 10 years of staying in the shadows of recovery.
According to Housing Wire, homeownership is set to increase because of employment growth and the ability to improve credit ratings for two quarters in a row. Based on the report of the leading source of quality data about the nation's people and economy Census Bureau, the percentage of Americans who will eventually own their house is at about 63.8 percent from 63.4 percent during fourth quarter and in the preceding three months.
Here are the following significant improvements in homeownership rates according to the Census Bureau's second quarter report: For homeowners from 35-44 years of age, the buying rate improved the most, from 58.1 percent to 59.3 percent; for 45-54 years of age, homeownership rate rose fairly, from 69.9 percent to 70.1 percent; for householders from 55-64 years of age, the rate dropped from 75.3 percent to 75.2 percent and lastly, for 65 years and older, the homeownership rate also slightly rose, from 78.7 percent to 79.3 percent.
Single-family homes, townhomes, condominiums and co-ops increased by 14.7 percent to an adjusted annual rate of 5.46 million in December from 4.76 million in November for the over-all existing-home sales.
Meanwhile in a report by The Wall Street Journal, one of the reasons that the homeownership rate is accumulative is because there was an increase in number of tenants in recent quarters which maintained the householder's rate. This was measured as the ratio of homeowners who definitely own lands against leaseholders. Another reason why homeownership rate could be increasing is because of the 9 million owners returning to the market after loosing their properties to foreclosure or short sales.
