If you listened to the reports coming out of the White House you would think that all is rosy and well with housing market. In some areas that might be true as home sales are up. Just this past month, I watched as heavy equipment cut down the wooded area behind my house and scraped the land clean in preparation of a new housing development. It brought tears to my wife’s eyes as she regularly had a number of deer that she fed; some being so used to her that they would allow her to get within 12 to 15 feet of them.
But overall, home ownership in America is trending downward. More people and families are turning to renting apartments and homes instead of buying a house. However, the picture for renters is not a pretty one either. Investors.com reports:
“Policy: The heavy federal hand in the housing market has been a disaster. Despite spending more than $13,000 for every household, Washington has record low homeownership to show for it, even among the middle class.”
“In fact, a just-released report by Harvard’s Joint Center for Housing Studies not only finds more middle-class families renting but many also struggling to make rent, as homeownership rates plunge lower than ever.”
“This is as shocking as it is depressing. It used to be that the middle class owned homes. Now it’s increasingly feeling ‘the strain of rising rents,’ the reports says, as foreclosures and stagnant incomes drive more Americans into apartments and home rentals.”
“With last year’s drop in the homeownership rate to just 64.5%, nearly all the gains over the previous two decades have been erased. In fact, the study says, the number of homeowners fell for the eighth straight year, and the downtrend is expected to continue.”
Obama continues to lie to the American people by telling them the economy is improving, fewer people are unemployed and the housing market is once again growing.
However, the job market really hasn’t improved, it’s just that millions of Americans have exhausted their unemployment benefits resulting in them being dropped off the governments unemployment rolls.
Americans who do have jobs are not seeing raises enough to cope with the cost of living increases. In fact, millions haven’t seen a raise in pay in years due to the sagging economy and rising employer costs for benefits.
So more Americans are turning to renting instead of buying and it’s not just the younger individuals and families that are renting. Investors.com added:
“Meanwhile, this decade is shaping up to be the strongest in history for renting. And it’s not just millennials fueling rental market growth. It’s also the middle class.”
“Households aged 45-64 have accounted for about twice the share of renter growth as households under 35. And households in the top half of the national income range — where you expect to find high homeownership rates — contributed a whopping 43% of the growth among renters, Harvard found.”
“Even more troubling, ‘cost burdens are climbing the income ladder, affecting growing shares of not just low-income renters but moderate- and middle-income renters as well,’ said the study, ‘The State of the Nation’s Housing 2015.’”
“The cost-burdened share of renters with incomes in the $30,000-$45,000 range rose to 45% between 2003 and 2013, while 1 in 5 renters earning $45,000-$75,000 is now cost-burdened as well.”
How can anyone stand before the nation and tell them that the economy is improving when home ownership is declining and renters are facing high cost burdens as well. Obama’s economics has made it nearly impossible for young families getting started to find an appropriate place to rent or purchase. More families and individuals are finding themselves moving in with mom and dad or some other relative or friend. Multi-family homes are becoming more and more common as families have nowhere else to turn to.
And from what I’ve seen so far, Hillary Clinton hasn’t offered up any economic or employments ideas that vary from what Obama has been doing. In fact, the housing market collapse that sparked the economic recession that started when Bush was president was all due to Bill Clinton’s policies. He pushed the mortgage industry to get more creative to put more Americans into homes and they did. Then 5 years later during Bush’s term, people saw their mortgage payments skyrocket to the point of not being able to afford to pay them. That’s when we saw the foreclosures and bankruptcies spreading across the country like a cancerous disease. Everyone tried to blame Bush when it was really Clinton’s fault.
So do we really want another Clinton in the White House to repeat the mistakes of her adulterous husband and our current traitorous leader?