What sort of fucking recovery is this? How can the market be at new, fresh, record highs, but home ownership sucking the dick off 1965 levels, a time and place that was both reprehensible and disgusting in American history?
For Q2, ownership dropped to 62.9%, matching levels not seen since 1965. When the economy was running hot and the housing boom was upon us, ownership was at 69.2%.
The reason for this fuckery?
Apparently, we are hamstrung by a generation of fucktards who don’t invest in stocks, buy homes, deodorant, or even have jobs. They just like to ‘feel the BERN’ and walk around all day in Donald Trump masks, texting on their Obama phones.
“While the millennial homeownership rate continues to decline, it’s important to note that the decrease could be just as likely due to new renter household formation as it is their ability to buy homes,” wrote Ralph McLaughlin, chief economist at Trulia. “Certainly low inventory and affordability isn’t helping their efforts to own, but moving out of their parents’ basement and into a rental unit is also a good sign for the housing market.”
“Broadly speaking, the falling homeownership rate is a sign that renting isn’t only for those just starting out or making a transition, but is becoming an increasingly viable longer-term option for many households,” noted Svenja Gudell, chief economist at Zillow. “It also means incomes are not yet rising quickly enough to broadly support new homeownership, and that inventory remains too tight to allow for meaningful access to affordable housing.”
The tight supply of homes for sale, combined with higher home prices, may have been behind the Federal Reserve’s silent warning in its latest statement Wednesday. It removed a line from its previous statement, which said, “The housing sector has continued to improve.”
What ever happened to the men who aspired to become monied property owners, builders of wealth and prosperity?