|"The housing market is shifting from homeownership to a rental environment. Even as home prices soar and value returns to real estate, the one number that just keeps falling is the nation's homeownership rate. In 1Q14, it fell below 65% for the first time since 1995. Homeownership currently stands at 64%, down from the 69% high during the last housing boom.|
|"Homeownership is one of the most important paths to the middle class for families. It's how folks put down roots, build wealth put kids through college, start businesses∑ if there are people who are ready to buy a home, but who aren't getting access to credit, then we've got a problem, and that is what we are facing right now." said HUD secretary, Shaun Donovan."|
This unfortunately is due to the banks taking people's property away. There are a lot of people who got burned and they don't want to own again. Renting is very easy to walk away from versus a home people put their hearts into.