National Foreclosures Cause An Increase In Renters and Decrease of Homeowners

The Chicago Tribune reported that according to the U.S. Census Bureau, the percentage of Americans that own homes has declined. The decline was the largest since the 4.2% drop that occurred during the Great Depression in the 1930's.

The contrast is especially drastic because home ownership was so high in the 2000's. The Chicago Tribune reported that in the 2000's the percent of people who owned homes was up to 70%. 

A foreclosure attorney in Chicago will tell you they are seeing an increase in empty properties that are in the process of being foreclosed upon. These abandoned properties can be empty for a long time before the bank is able to sell them and find a new owner.

Because many Americans have not been able to stop foreclosure this means that they are losing their homes and also seeing a decrease in their credit score. Some even lose their home through bankruptcy such as chapter 7 Chicago when their assets are liquidated.

Going through foreclosure or bankruptcy takes a toll on your credit score. This means that those people are either living with other family members or renting a home thus decreasing the percentage of homeowners.

According to the Chicago Tribune the Midwest actually has the highest rate of home ownership with 69.2 percent of people owning their own home. Michigan and Iowa were among the states with the highest rate of homeowners with 72.1%.

Vacant houses have increased from 10.4 million in 200 to 15 million in 2010 according to the Chicago Tribune. This excess of housing inventory has created a challenging real estate situation. It is likely that as the surplus of inventory is sold the real estate market will improve.

With interest rates at an amazing low of 4% it is a very desirable time to buy a home and there are great prices for homes that need to be sold. This makes the real estate market very desirable for first time homebuyers who do not have a home to sell before they can buy a new one.

If you were unable to stop foreclosure on your home don't despair. If you take measures to increase your credit score after foreclose then it is likely that you will be able to get a home loan in as little as 3 years after foreclosure.

Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601  Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.