On Friday, the National Association of Realtors released new white paper outlining the obstacles Americans are facing today in owning a home. The paper was released at their National Association of Realtors Sustainable Homeownership Conference at University of California, Berkeley.
The study found that challenges after a foreclosure, tight mortgage standards, single family housing affordability and supply were the leading hurdles standing in the way of owning a home.
“The decline and stagnation in the homeownership rate is a trend that’s pointing in the wrong direction, and must be reversed given the many benefits of homeownership to individuals, communities and the nation’s economy,” said NAR 2017 President William E. Brown “Those who are financially capable and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream.” One of Brown’s main objectives as president of NAR is identifying ways to boost the homeownership rate in a safe and responsible way.”
The research, which was commissioned by NAR, prepared by Rosen Consulting Group, or RCG, and jointly released by the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley Haas School of Business.