Owning a home is considered part of the American Dream. Many people see it as good for society. But Peter Schiff says it may be time for a different dream.
PETER SCHIFF: "A lot of young people are going to move back with their parents, a lot of elderly parents will move in with their grown children, a lot of people will have roommates that don’t have them today. Many Americans might rent out rooms in their houses, and so you’re going to have a lot less demand for houses."
FAITH LAPIDUS: Maybe, maybe not. But the fact is, many Americans still want to own a home. Only a small number of countries have a higher rate of home ownership. These include Mexico, India, Spain, Ireland, Australia and Britain.
In America, the traditional way to finance a home purchase is with a thirty-year, fixed-rate mortgage loan. Some people have a fifteen- or twenty-year loan, often with an adjustable interest rate instead of a rate that never changes. Once people own their house "free and clear," all they have to pay are property taxes and insurance.
CHRISTOPHER CRUISE: But Americans move a lot. Homeowners can repay their mortgage loans early by selling their home. But right now, some owners who want to sell are finding that difficult to do. In some cases, this is because they are "underwater." That means they owe more on their loan than their home is worth.
Rick Sharga from RealtyTrac says up to one-fourth of all homes that still have a mortgage loan balance are in this situation. The percentage is higher in some states, including California, Nevada, Arizona and Florida.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25