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This is an important point to understand changes in the home ownership rate over time. The bust of the housing bubble resulted in many houses becoming foreclosed. However, the decrease in the home ownership rate from 3Q2007 to 4Q2007 was mostly a result of an increase in the renter's population and less due to a decrease in the homeowner ...
Assuming a home cost of P dollars, yearly interest rate r fixed over N years, marginal income tax rate , property tax rate (assumed to be 0.5–2% of P), and yearly maintenance cost rate (assumed to be 0.5–1% of P), the monthly cost of home ownership is approximately [1]
Housing is also important to developers, builders, lenders, realtors, investors, architects, and other specialized professions and trades. These groups view housing as a commodity for financial gain. [4] As the United States industrialized in the 20th century, demand for housing fueled job growth and consumer products to create economic growth.
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The national median home price hit a record $360,000 during the spring. With mortgage rates coming in at about 7 percent, the cost of owning a home has outpaced recent increases in wages ...
The impact of booming home valuations on the U.S. economy since the 2001–2002 recession was an important factor in the recovery, because a large component of consumer spending was fueled by the related refinancing boom, which allowed people to both reduce their monthly mortgage payments with lower interest rates and withdraw equity from their ...
President Bush advocated the "Ownership society." According to a New York Times article published in 2008, "he pushed hard to expand home ownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing ...