Mortgage Debt Down and Bad Debt Up
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It shouldn't be news to anyone that the homeownership
rate of the Millennial generation continues to be anemic. While it has improved slightly since 2015, the
Urban Institute's (UI's) new research shows that, at that point it was 37
percent, 8 percentage
points lower than the homeownership rate of Gen Xers and baby boomers at the
same age. This translates into 3.4 million fewer homeowners among these 75
million young adults.
UI researchers Laurie
Goodman, Jung Hyun Choi, Jun Zhu, writing in the Institute's Urban Wire blog,
say that demographic and lifestyle choices, delayed marriage, increasing diversity,
have played a role in the decline, it is the economic environment that has been
As analysts had predicted, both housing permits and
starts recovered, albeit only slightly, in July after a poor showing the
previous month. The U.S. Census Bureau and the Department of Housing and Urban
Development now report that housing permits are being issued at a pace higher
than in 2017, but housing starts are still lagging the earlier number. Permits for privately owned residential construction
were issued in July at a seasonally adjusted annual rate of 1,311,000 units.
This is an increase of 1.5 percent from the June rate of 1,292,000 (revised
from 1,273,000 units). July's permitting
rate is now 4.2 percent higher than that of July 2017.