New York Renovator

Home ownership rates continue to plummet. According to CNBC, Americans just aren’t buying homes so much.

America’s home ownership rate, after holding steady for a while, took a pretty big plunge in Q4, from 66.9 percent to 66.5 percent. That’s down from the 2004 peak of 69.2 percent and the lowest level since 1998.

Homeownership is falling at an alarming pace, despite the fact that home prices have fallen, affordability is much improved and inventories of new and existing homes are still running quite high.

Bargains abound, but few are interested or eligible to take advantage.

What’s even more shocking is that 11% of U.S. homes sit empty.

There were 18.4 million vacant homes in the U.S. in Q4 ’10 (11 percent of all housing units vacant all year round), which is actually an improvement of 427,000 from a year ago, but not for the reasons you’d think.

The number of vacant homes for rent fell by 493 thousand, as rental demand rose. 471,000 homes are listed as “Held off Market” about half for temporary use, but the other half are likely foreclosures. And no, the shadow inventory isn’t just 200,000, it’s far higher than that.

Not sure why, but I can guess. For one, Americans are uneasy about the economy. The government is spending like a MANIAC, China is rising almost as fast as our debt and interest rates… and who is earning enough to pay back those loans? Who can qualify for VA Home Loans? Some folks may want to take advantage of opportunities with Streamline Refinance, but I can certainly understand the general feeling of uneasiness in the nation.

The largest city in my locality, Utica, NY, was listed by Zillow.com as the Number One city in America to buy an affordable home. Everyone up here was practically waving flags: We’re Number One! We’re Number One!

But…. we have the “most affordable” homes in the nation– you mean the lowest priced? Isn’t that, like, bad?! And what good is it getting a cheap home for $25,000 in a city that is near bankruptcy and where property taxes are $7,000 a year?! How can that be a cause for celebration?

Economists and politicians alike go on and on, saying that the home construction and home ownership industry is the backbone of the American economy. So why are the banks and politicians selling Americans so short that we cannot afford the homes?

I don’t like this transition into a society that rents their homes. Property ownership is the backbone of the United States, property ownership gives citizens a vested interest in their community. Whatever happened to Life, LIberty, and the Pursuit of Happiness?

I found this at Kewl Stuff I Found. So funny, and SO true!!

This is what your house looks like….

…to you:

…to your buyer:

…to your lender:

…to your appraiser:

…to your county tax assessor:

This news story is a little old (from March) but the story behind the news is not old. It asks the modern question, “Who owns your property?”

From the Watertown Daily News

MORRISTOWN — The town is making a statewide appeal for help in prosecuting Amish men for building homes without permits. Ten members of the conservative religious group have been charged in the clash between building codes and religious tenets that shun modernization.

The ordeal began in July 2006, when Andy Miller, Dumont Road, was charged with building a house without a permit. His case was repeatedly delayed because he did not have an attorney, and an agreement to issue a permit was reached in January 2007. The town eventually declined, however, because Mr. Miller would not allow code enforcement officer L. Kay Davis to inspect his home, as agreed upon.

The small town is paying through the nose– due to translation problems (the Amish speak Pennsylvania Dutch), lack of legal help, and more. Oh boo hoo. I really have little sympathy for the state in this case. Why? Because the state is merely using their overbearing laws to punish the Amish. The Amish guy does not want electric or plumbing in his home– but the state is going to force him to do so, anyway? And at the cost of the homeowner? And then continue to charge him exorbitant taxes so that he may continue to “keep” his land?

This is ridiculous. Essentially, it is not the property owner who owns his land. For all intents and purposes, when you get a piece of paper saying the land is yours, but then you are forced to 1) pay high taxes every year or be evicted, 2) get permission and PAY for that permission to do just about anything on your property (here in NY, you can’t even cut down trees or build a fence without government permission), and 3) allow inspectors to come through your property when they want to— who would you say REALLY owns the land?

Property ownership is a farce in the country! And the sad thing is, we have sold out our own rights under us, by allowing it to happen! Grrr!