HOMEOWNERSHIP IS DEAD

President Obama gave a speech at the DNC Convention on Wednesday evening. He spoke about how America is doing much better than it was 8-years ago before he took office. Put aside that the nation debt has doubled, ISIS is on the prowl, and more than 100 million Americans are collecting welfare, the president would be well-served by reading a report put out by Bloomberg News on Thursday.

According to Bloomberg,

The U.S. homeownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters.

The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965. It was the second straight quarterly decrease, down from 63.5 percent in the previous three months.

The drop extends a years-long decline from the last housing boom, in part because of tight credit and a shift toward renting in the aftermath of the crash. First-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings. Home prices rose 5.2 percent in May from a year earlier, according to the S&P Core Logic Case-Shiller index of values in 20 cities released this week.
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