Huh? U.S. Home Ownership Rate Increases?

The U.S. government Wednesday morning reported that – surprise – the home ownership rate actually rose last quarter. What? That's correct. (See the full story on the National Mortgage News website.) If the government's number holds, and is not revised downward later on, this could very well mean that for many Americans the cost of owning is now cheaper than renting -- and that more renters believe they are wasting their money by giving it to a landlord. This would be a terrific development for the mortgage and housing industries, but for any meaningful revival to occur the nation needs one other thing: true improvement in the unemployment rate. For the past year we have been told time and time again by housing experts that renting is “in” and owning is “out” and that this may be a long-term trend. Well, maybe the experts are wrong.