Foreclosures soar in US

Aug. 13, 2010 - PRLog -- http://www.WorldWealthBuilders.com  
The figures are simply reflecting the true image of Real Estate market as well economy in US. The latest foreclosure stats, just released this morning, point to a rapid dwindling in the ranks of homeowners, across United States of America. Home ownership numbers are coming down and the number of Americans renter are going up again. This may continue for a while until economy stabilizes.


Few Real Estate experts are predicting the home ownership rate could fall to 61 percent in the next couple of years as another 6 to 8 million homes are seized by banks and other lenders. Some are feeling double dip recession. The rate is already down to 66.9 percent from over 69 percent during the height of the real estate bubble in 2004, the Census Bureau reports.That’s still a long way from under 50 percent, but who knows? Back before the post-war housing boom, homeowners were distinctly in the minority, accounting for 40 percent of the population


Banks and lenders are moving aggressively against troubled homeowners.
As families get booted to the curb and make them homeless, the percentage of Americans who own their own home is now falling rapidly.. But with the relentless rise in bank repossessions, do Americans headed back to an earlier era, when renters, not homeowners, predominated in US Real Estate?

In a way it is great news for rental property owners. They have lost so many tenants in past few years and now they are coming back to become renters. Rental market is experience a bit of boom.

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