The Challenges to Homeownership in America (Center for American Progress)

Since the collapse of the housing market and onset of the foreclosure crisis, the idea of and public policies to support homeownership have been under attack.

Six years into the crisis, the housing market continues to struggle, and many influential policymakers have made it their goal to significantly limit access to homeownership for the American public, in particular first-time homebuyers, borrowers of color, and low- and moderate-income families. Yet for more than 60 years, owner-occupied housing has not only been a source of pride and self-esteem for America’s families but also the cornerstone of the American Dream and the most significant and reliable source of asset building for the typical household.

The assault on homeownership can be linked to widespread misunderstanding by many key policymakers, as well as the public, on three critical housing issues:

  1. The reasons for the collapse of the housing market and the foreclosure crisis
  2. The government’s role in ensuring the availability of the 30-year fixed-rate mortgage and the to-be-announced market
  3. The current state of the housing recovery and its implications for families, communities, and the overall economy

Read more