Homeownership rates are tumbling.
While this is a secular trend that’s often blamed on young people, who are flocking to cities and eschewing (or at least putting off) homeownership at a greater rate than their parents, older adults have actually abandoned owning homes at a slightly greater rate. In the first quarter of 2008, nearly 67% of people aged 35-44 owned homes. Now the number is barely above 59%. The percentage of people under 35 owning homes only fell five percentage points, to 36% from 41%.
In more bad housing news, the S&P/Case-Shiller home price index out this morning showed the home prices fell 0.15% month-over-month in August.