“American payroll and household formation numbers are actually on the rise. Traditionally, this would mean that these households, with increasing capital, would naturally look to invest in a home, but getting the loan to do so is on a downward trajectory.
‘Keeping current homeowners in their homes should be a top priority,” said Sarah Duda, senior research and project associate at the Woodstock Institute, a nonprofit research firm and financial reform advocate. ‘Preserving the opportunity for people to purchase a home, particularly while affordability in the ownership market is high, is also important. Requiring meaningful loan modifications and making mortgage credit available, safe and affordable for renters who are ready and willing to buy their first home will be most helpful at this time.’”
--“More Americans to exit homeownership” (Jacob Gaffney, Housing Wire)
Part of an occasional series highlighting data that help us understand challenges facing economic security.