The homeownership rate in the United States last year rose for the first time since 2004, according to a report we read in the Wall Street Journal. This is such exciting news, and we hope the trend continues.
We’ve previously mentioned how real estate is a fabulous tool for building wealth. But the Recession, which didn’t officially start until the end of 2007, ground the market to a standstill and made it incredibly difficult for Americans to harness this tool.
The markets were flooded with foreclosures. Banks all but stopped lending money for some time and then began lending only under very tight restrictions at first.
We’ve seen evidence in other areas of the housing market that the industry wheels may finally be gaining some momentum, which is why seeing the homeownership number rise for the first time in 13 years is such a big deal.
The rising homeownership number also indicates that more homebuyers are ready to make their move. If you’re looking to sell your house, we can help. Contact us to learn more.