New York – Two provocative – and sobering – looks at the U.S. housing market raise questions about the future of homeownership.
Noting that housing led the country out of seven of the last eight recessions, Bloomberg warns that what one economist calls “an epidemic of thrift” may stifle the economic recovery this time (“Housing Slide in U.S. Threatens to Drag Economy Into Recession.”)
Meanwhile, several economists tell the New York Times that the era when the home served as both shelter and nest egg for most American families may be gone for good. (“Housing Fades as a Means to Build Wealth, Analysts Say.”)
See why the Maryland Mortgage Program may nevertheless make today an ideal time for many families to buy their first home in Maryland, thanks to record low rates, homeownership counseling and downpayment and settlement cost assistance.