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Compiled by Terence K. Huwe and the staff of the IRLE Library

Thursday, February 07, 2013

Beyond the Numbers, February 2013, Vol. 2, No. 2

 

 

Beyond the Numbers, February 2013, Vol. 2, No. 2

Special Studies & Research

 

Patterns Of Homeownership, Deliquency, And Foreclosure Among Youngest Baby Boomers

http://www.bls.gov/opub/btn/volume-2/patterns-of-homeownership.htm

or

http://www.bls.gov/opub/btn/volume-2/pdf/patterns_of-homeownership.pdf

[full-text, 9 pages]

 

The recent decline in the housing market was preceded by strong growth for over a decade. From the fourth quarter of 1995 to the fourth quarter of 2005, homeownership rates increased from 65.1 percent to 69.0 percent.1 In the 1990s and early 2000s, mortgage originations grew six-fold, from $459 billion in 1990 to $2.9 trillion in 2005. Over this same period, mortgage delinquency rates (around 4.5 percent) and foreclosure rates (around 1.2 percent) remained low between 2000 and 2005.2

 

After 2005, these patterns reversed, with homeownership rates falling and delinquency and foreclosure rates rising.3 Recent data show homeownership rates fell to 66 percent by the fourth quarter of 2011. Delinquency rates rose to 9.4 percent in 2009 and foreclosure rates rose to 4.6 percent in 2010.4

 

This analysis considers the patterns of homeownership, delinquency, and foreclosure over this turbulent period in the housing market for a cohort of Americans born in the years 1957 to 1964, the latter years of the "baby boom" that occurred in the United States from 1946 to 1964. Using the National Longitudinal Survey of Youth 1979 (NLSY79), this article shows the patterns of homeownership over a 20-year period, from 1988 through 2008. Respondents were ages 23 to 31 at the start of this period and ages 43 to 51 at the end. In addition, it examines transitions in homeownership between 2008 and 2010, as well as patterns of delinquency and foreclosure over the period from 2007 to 2010.

 

 

ReBlog: Institute for Workplace Studies (IWS) in New York City.


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