|The rate of US homeownership is likely to drop in coming years as Americans are focusing more on rebuilding their equity. The decline is predicted by Federal Reserve Bank of New York economists.
According to a report, the home values have plummeted by an estimated $5.9 trillion since the time they were last seen at the apex. This is the worst scenario for US housing industry since the Great Depression, many experts believe. The equity the homeowners lost on their mortgages is forcing homeowners to rent their properties in order to meet their expenses. In 2006, the percentage of Americans having their own homes was 69 percent, which has now declined to 67.3 percent, according to the analysis of New York Fed.