The National Association of Realtors released the latest quarterly data on homeownership rates today. The graphic is staggering – seven years of dropping rates.
What is very interesting, is how the housing crisis has both stalled the creation of new households, and driven families to rentals in vast numbers. In fact, a balance increase between both home owners and renters is not expected until 2013, and new home ownership is not expected to outpace new renters until 2015.
The discussion about ending mortgage deduction interest could slow these estimates even further.
One of the brightest things coming out of NAR right now is the REthink Future strategic planning initiative. NAR’s goal is to reach 20,000 members and capture thinking on how we might respond to 5 different future industry scenarios.
The timing could not be better. Because in the shape of the housing ownership graph above is a lack of confidence in homes, the value of home ownership, and the home buying process overall.
There is no better time to leverage sustainability as a means to restore confidence in housing. New building technologies mean new and existing homes perform better than ever possible, and are safer and more comfortable. They deliver savings and value and encourage home owners to stay a while and build communities.
Consumers deserve better homes, and a better process to buy them. Now is the time to deliver.