REALTORMag
What will it take to make homeownership a national priority? Despite the addition of about 11.8 million households between 2006 and 2016, there are roughly 1 million fewer homeowners today than a decade ago. Housing economists and other experts discussed the primary causes behind the falling homeownership rates—and potential solutions—at the National Association of REALTORS® day-long Sustainable Homeownership Conference last Friday at the University of California, Berkeley. “The decline and stagnation in the homeownership rate is a trend that’s pointing in the wrong direction, and must be reversed given the many benefits of homeownership to individuals, communities, and the nation’s economy,” says NAR President William E. Brown.
Among the most vexing challenges is the so-called “post-foreclosure stress disorder,” and it continues to have a significant impact on consumer’s financial decision-making, according to Berkeley Hass Real Estate Group Chair Ken Rosen. At the June 9 conference, Rosen shared research highlights from a white paper commissioned by NAR that explore five main barriers that are preventing people from buying homes.
