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Residential Real Estate News
Home Ownership Rates Down 10% in U.S. Amongst Prime Buying Groups, Says Corelogic
CoreLogic released today their U.S. Housing and Mortgage Trends, a report that provides data on housing sales, valuation, negative equity, shadow inventory and foreclosure activity and trends.
CoreLogic report shows that homeownership rates for the 25 to 34 and 35 to 44 prime homebuyer age cohorts are down almost 10 percent in 2010 compared to 1980.
The report also shows:
- Real median income for prime home-buying age segment in 2010 was at the same level as in the late 1970s.
- Median income fell by 2.3 percent from 2009 to 2010, and real median income has declined more than 7 percent since its peak in 1999.
- Consumers continue to allocate a higher share of household expenditures to housing, which means they have less money left to spend on non-housing consumption.
- Of the foreclosure properties that were auctioned in 2006, 66 percent became REO properties. Once in REO, 85 percent have only sold once and have not gone back into REO.
- The REO recidivism rate within five years of the initial REO sale is only 2 percent.
- Investors have shifted from buying properties at foreclosure auction to buying properties at the REO sale, increasing the burden of losses on the banks holding REO properties
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