posted on Apr, 23 2013 @ 02:56 PM
-I would probably agree with those figures.
I moved into a fairly good sized city close to where I grew up (I grew up rural) and in the last 5 or so years I have seen a disturbing trend. First,
nobody here "owns" their home (I know one person who 'owns' but he is closer to the suburbs) most are rentals which are quickly being bought up by
Corporations and a few local Landlords (there are three main landlords in this city)-
So anyhow, last winter there was a ton of vacant property here. Nice homes which had been foreclosed on, they were everywhere. My wife and I love it
here and figured we could get a great deal on a duplex or triplex and live in one part while renting the other 1/2 units out. The city then dd the
craziest thing I have ever seen, they "bundled" the homes into "packages" which had to be sold in full. In otherwords, they sold the homes
incredibly cheap (some for $50.00) but you had to buy 20 or so houses at a time and have the money to improve them, pay back taxes, etc... Of coarse
all the "nice" homes sold in bundles to the same three landlords and to these rental Companies- One of the homes we had our eye on was turned into 2
rentals within a month of the sale (one rents for $700/month, the upper rents for $500/month) which essentially means the rental company bought the
home for nothing, did painting and cleaning and will break even on the sale in less than a year.
Anyhow, the garbage that was left was sold to the public and then TAKEN
and demolished. Now, I watched this all go down. The
"good" homes were all bundled and given away to people with huge bank Accounts and corporations. The "junk" which was left over was sold to the
people (it was all in need of repair) and then after people did the repairs the homes were taken away and demolished.
-Anyhow, home ownership is in decline rapidly here and many other cities. This snowballs into crime and blight because less home owners means less
pride in a neighborhood.
So yeah. Come to think about it the only place I ever saw majrity home owners was in the suburbs and rural areas I have lived- But in the last decade
or so things have gotten very "topheavy" and I know less homeowners than ever. Once the baby Boomers pass on I imagine it will be far worse.