WASHINGTON, May 1, 2012 (Associated Press) – The American dream of homeownership is at its lowest point in 15 years, the latest evidence of a housing market still far from recovering five years after the housing crash.
New figures released Monday by the Census Bureau show the rate of U.S. homeownership fell in the first three months of this year to 65.4 percent. That's down from 66.4 percent in the first quarter last year.
The last time the rate hit 65.4 percent was in the first quarter of 1997. The rate peaked at 69.2 percent in the fourth quarter of 2004, during the high-flying days of the housing boom.
But according to an estimate embedded in the Labor Department’s household survey, only 63.6 percent of Americans age 16 and older participated in the civilian labor force.
That was the lowest rate of people who were working or actively looking for work since December 1981, when the nation was in the middle of part two of a double-dip recession.
There is a relationship between the two statistics. Unfortunately, families are considered statistics by the politicians. Families are being destroyed by the lack of political action.
WAKE UP AMERICA!
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