Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

1.2 Million Households Disappear, Putting Downward Pressure on Home Prices and Rents

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-10-10 01:13 AM
Original message
1.2 Million Households Disappear, Putting Downward Pressure on Home Prices and Rents
As the Wall Street Journal explained last October:

"Driving the change is the troubled employment market, which is closely tied to rentals. With unemployment at 9.8% a 26-year high more would-be renters are doubling up or moving in with family and friends during periods of job loss. Landlords have been particularly battered because unemployment has been higher among workers under 35 years old, who are more likely to rent. Nationally, effective rents have fallen by 2.7% over the past year, to around $972."

So where have all these people gone who are no longer homeowners...?

Its widely assumed that many who lose a home to foreclosure become renters. But since the recession began, there has been a five-fold increase in overcrowding of remaining households defined as more than one person per room, according to the study.

Homeownership levels, meanwhile, continue to decline. New foreclosures filings are running about 300,000 a month, according to RealtyTrac. There are currently some 5 million homeowners that are 90 days or more past due on their mortgages, according to Fannie Mae chief economist Doug Duncan.

http://www.nakedcapitalism.com/2010/04/guest-post-1-2-million-households-disappear-putting-downward-pressure-on-home-prices-and-rents.html
Printer Friendly | Permalink |  | Top
BeFree Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-10-10 01:17 AM
Response to Original message
1. Occupancy rates going down
I never could understand how all those minimum wagers could afford the sky-high rents and now that 10% of them have 0 income........
Printer Friendly | Permalink |  | Top
 
DesertFlower Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-10-10 01:50 AM
Response to Reply #1
4. a few of the young people who
worked in our grocery store shared a 2 bedroom apartment. it was a young lady and her boyfriend and a husband and wife with a baby. that was a few years ago. the rents here have gone down quite a bit.
Printer Friendly | Permalink |  | Top
 
grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-10-10 01:34 AM
Response to Original message
2. rent prices are not down in my area
...which is really surprising. I guess landlords haven't heard the news.
Printer Friendly | Permalink |  | Top
 
hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-10-10 01:42 AM
Response to Original message
3. you mean communal living?
The socialists are coming!!
The socialists are coming!!

:hide: :hide:
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri May 24th 2024, 06:14 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC