Later On

A blog written for those whose interests more or less match mine.

The ownership society

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Krugman:

The homeownership rate has fallen sharply again. At this point it’s back down to levels of fall 2001.

Two implications.

First, everything you’ve heard about how subprime lending at least made the dream of homeownership available to many Americans who were previously excluded — never mind. We’re back down to homeownership rates before the subprime boom.

Second, it’s now virtually certain that by the end of the Bush administration homeownership will be lower than it was at the beginning. More of that economy other presidents would envy, I guess.

Written by Leisureguy

30 January 2008 at 4:10 pm

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