U.S. home ownership rate for 2010 was second highest ever

October 11th, 2011

The American dream of home ownership is alive despite the troubled economy. According to the Census Bureau, the home ownership rate for 2010 was the second highest on record at 65.1 percent, just behind the rate for 2000. The rate, however, fell 1.1 percent between 2000 and 2010--the biggest drop since 1940.

From 2000 to 2010 the U.S. housing inventory rose by 15.8 million units, or 13.6 percent. The inventory of homes rose in all states, with the fastest gains in the South and West. Nevada, Arizona, Utah and Idaho had the largest percentage increase in housing units.

States with high foreclosure rates

The South and West also have been hit hard during the housing crash, and the states with the highest rates of foreclosure are in these regions. Nevada, California and Arizona were the states with the highest foreclosure rates in August 2011, according to RealtyTrac. Foreclosure filings rose 7 percent from the previous month, but were down 33 percent from a year earlier.

Mortgage calculators can help

It can be difficult to know which way to turn in this housing market: While you may dream of home ownership, it may seem scary to invest in real estate in the current market. It is essential to run all the numbers before committing to a home loan, so take advantage of free mortgage calculators to equip yourself with the information you need.

Interest rates are so low right now that it is hard to imagine they will get much lower. An amortization calculator can show you what your monthly principal and interest payments would be with different interest rates. The amortization schedule is a crucial piece of information in the homebuying process because it shows how much principal and interest you would pay out over the life of a mortgage loan.

Shop around for a loan

Comparing several loan quotes can help you find a competitive mortgage deal. Use a compare loans calculator to line up all your quotes to choose the right one. Mortgage loan offers can vary from lender to lender, and using this type of loan calculator can help you understand all the terms and conditions being offered.

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