Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

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Homeownership Now at 2000 Levels

According to research released by the US Department of Commerce Census Bureau, the rates of homeownership is dipping to levels not seen since the second quarter of the year 2000. The data indicates that gains in ownership obtained during the recent housing boom in the country are now gone. Currently, 67.3% of Americans own homes, according to the Census Bureau. This number peaked in Q105 at 69.1%. By comparison, the research found a historic low of 63.6% in the fourth quarter of 1985. Rates of homeownership are falling comparatively across racial lines since the boom ended. Today, as in 2006, blacks represent fewest mortgage borrowers, with 46.1% of the population currently owning their home. Hispanics followed at 48.6%, with the vague category of “all other races” experiencing a homeownership rate of 57.4%. 74.7% of adult whites own their homes. Write to Jacob Gaffney at jacob.gaffney@housingwire.com.

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