Homeownership Rate Falls To The Lowest Level In 19 Years

Housing Recovery? Homeownership Rate Has Fallen To The Lowest Level In 19 Years – Global Research

We just learned that the homeownership rate in the United States has fallen to the lowest level in 19 years. But of course this is not a new trend. As you will see in this article, the homeownership rate in the United States has been in a continual decline for more than 7 years. Obviously this is not a sign of a healthy economy. Traditionally, homeownership has been one of the key indicators that you belong to the middle class. When people define “the American Dream”, it is usually one of the first things mentioned. So if the percentage of Americans that own a home has been steadily going down for 7 years in a row, what does that tell us about the health of the middle class in this country?

The chart that you are about to view is clear evidence that we are in the midst of a long-term economic decline. It shows what has happened to the homeownership rate in the U.S. since the year 2000, and as you can see it has been collapsing since the peak of the housing market back in 2007. Does this look like a housing recovery to you?…

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So many people get caught up in what is happening on Wall Street, but this is the “real economy” that affects people on a day to day basis.

Most Americans just want to be able to buy a home and provide a solid middle class living for their families.

The fact that the percentage of people that are able to achieve this “American Dream” is falling rapidly is very troubling.

There are some that blame this stunning decline in the homeownership rate on the Millennials.

And without a doubt, they are a significant part of the story. They are moving back home with their parents at record rates, and many that are striking out on their own are renting apartments in the big cities.

This is one area where the decline of marriage in America is really hitting the economy. Back in 1968, well over 50 percent of Americans in the 18 to 31-year-old age bracket were already married and living on their own. Today, that number is below 25 percent.

But that is not all there is to this story.

In fact, the homeownership rate for Americans in the 35 to 44-year-old age bracket has been falling even faster than it has for Millennials…

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%.

So why is this happening?

Well, it is fairly simple actually.

In order to buy homes, people need to have good jobs. And at this point, the percentage of Americans that are employed is still about where it was during the depths of the last recession.

In addition, wages in the United States have stagnated and the quality of our jobs continues to go down. As I wrote about the other day, half of all American workers make less than $28,031 a year. Needless to say, if you make less than $28,031 a year, you are going to have a really hard time getting approved for a home loan or making mortgage payments.

Things have been changing for a long time in this country, and not for the better. Our economic problems have taken decades to develop, and the underlying causes of these problems is still not being addressed.

Meanwhile, middle class families continue to suffer. One very surprising new survey discovered that more than half of all Americans now consider themselves to be “lower-middle class or working class with low economic security”. While Wall Street has been celebrating in recent years, economic pessimism has become deeply ingrained on Main Street…

Optimism may be harder to come by these days. More than half of Americans surveyed in a Harris poll released Tuesday identified themselves as being lower-middle class or working class with low economic security. And 75 percent said they’re being held back financially by roadblocks like the cost of housing (24 percent), health care (21 percent) and credit-card debt (20 percent).

And that’s not the kicker.

“The most disappointing aspect is that 45 percent think they’ll never get their finances back to where they were before the financial crisis,” said Ken Rees, CEO of the Elevate credit service company, which commissioned the survey. “And a third are losing sleep over it.”

The only “recovery” that we have experienced since the last recession has been a temporary recovery on Wall Street.

For the rest of the country, our long-term economic decline has continued.

When I was growing up, my father was serving in the U.S. Navy and we lived in a fairly typical middle class neighborhood. Everyone that I went to school with lived in a nice home and I never heard of any parent struggling to find work. Of course life was not perfect, but it seemed to me like living a middle class lifestyle was “normal” for most people.

How times have changed since then.

Today, it seems like we are all part of a giant reality show where people are constantly being removed from the middle class and everyone is wondering who will be next.

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Poll: Which Obama Regime Policies Have Been The Most Disastrous?


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Census Bureau Supervisor Blows Whistle On Economic Data Falsification; Is Ignored By Higher-Ups

Denver Census Staffer Brings Data Falsification To Light – New York Post

A field supervisor in the Census Bureau’s Denver region has informed her organization’s higher-ups, the head of the Commerce Department and congressional investigators that she believes economic data collected by her office is being falsified.

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And this whistleblower – who asked that I not identify her – said her bosses in Denver ignored her warnings even after she provided details of wrongdoing by three different survey takers.

The three continued to collect data even after she reported them.

When I spoke with this whistleblower earlier this year as part of my investigation of Census, she told me that hundreds of interviews that go into the Labor Department’s unemployment rate and inflation surveys would miraculously be completed just hours before deadline.

The implication was that someone with the ability to fill in the blanks on incomplete surveys was doing just that.

The Denver whistleblower also provided to the House Committee on Oversight and Government Reform the names of other Census workers who can spill the beans about data fraud in other regions.

Census is broken up into six regions. Cheating has already been proven in the Philadelphia region. And with this whistleblower’s letter, Census authorities now have allegations that the same kind of nonsense was going on in Denver – that office covers Arizona, Colorado, Kansas, Montana, Nebraska, New Mexico, North Dakota, South Dakota, Oklahoma, Texas, Utah and Wyoming

The Oversight Committee recently completed a report along with the Joint Economic Committee of Congress that verified one case of falsification in the Philly office. But the committee said it couldn’t prove or disprove that there was a nationwide pattern of data fraud because Commerce – which oversees Census – had “obstructed” its investigation.

“There are serious issues within the Census Bureau Denver regional office management and I feel it’s time that you are made aware of them,” the whistleblower wrote on Sept. 30 to Penny Pritzker, the head of Commerce, and Wayne Hatcher, associate director of Census Field operations.

That same information, along with about a thousand e-mails and other documents, was also sent to the Oversight Committee.

The case of falsified data in Philly – by a surveyor named Julius Buckmon – resulted in a lengthy investigation by Commerce’s Inspector General as well as the probe by the Oversight Committee and the Joint Economic Committee.

The IG’s investigation resulted in widespread changes in the way data is collected and checked. One of the key changes is that supervisors can no longer conduct what are called “re-interviews” of their own workers’ surveys.

By conducting a re-interview, Census can often spot a fraudulent survey. The problem is that the supervisors conducting the re-interview weren’t motivated to report fraud because it reduced the number of completed responses they could report toward their quota.

I asked recently the Denver whistleblower her opinion on the surveys Census is providing. “When the question is asked about data quality, my answer would be simple, there is none,” she said.

“I wouldn’t trust any data from the Census Bureau,” she added.

Last Friday, for instance, Labor announced that a healthy 248,000 new jobs were created in September, when the unemployment rate dipped to 5.9 percent from 6.1 percent.

Those 248,000 new jobs are determined by a survey of companies – the Establishment Survey, it’s called – that is conducted by Labor itself. So while some people rightly take issue with the quality and temporary nature of many of those new jobs – and the fact that not enough have been created in the current economic cycle – the tabulation itself isn’t really in doubt.

The 5.9 percent unemployment rate comes from the Household Survey that Labor hires Census to conduct. There are big concerns about the truthfulness of the jobless rate, especially since this is the last report before the November congressional elections.

For instance, in September the rate fell to 5.9 percent mainly because 315,000 more people told Census they stopped looking for a job.

In fact, about a third of the recent decline in the unemployment rate can be attributed to a decline in the so-called Labor Participation Rate, which is now at a 36-year low. Ninety-six million Americans no longer consider themselves in the labor force.

Some think there is a logical explanation for this: baby boomers who are leaving the workforce because they simply don’t want to work anymore. But the data doesn’t bear that out.

There were 230,000 more workers aged 50 or older in the Household Survey released Friday. So how did the workforce decline by 315,000 people, if aging baby boomers were increasingly looking for jobs?

It’s either a miracle or someone’s pulling our leg.

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Thanks Barack… Record 92.6 Million Americans No Longer In Labor Force

Labor Participation Rate Drops To 36 Year Low; Record 92.6 Million Americans Not In Labor Force – Zero Hedge

While by now everyone should know the answer, for those curious why the US unemployment rate just slid once more to a meager 5.9%, the lowest print since the summer of 2008, the answer is the same one we have shown every month since 2010: the collapse in the labor force participation rate, which in September slid from an already three decade low 62.8% to 62.7% – the lowest in over 36 years, matching the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!

And that’s how you get a fresh cycle low in the unemployment rate.

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So the next time Obama asks you if you are “better off now than 6 years ago” show him this chart of employment to the overall population: it speaks louder than the president ever could.

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