From The New York Times: “The era of the home is here to stay,” Mr. Pomeranz told a crowd of about 100 people in a Manhattan park.
“The world’s going to get bigger, and you’ll have more places to live.”
A decade later, the era of home ownership is over.
The decade began with the financial collapse of 2008, when a wave of foreclosures and bank failures led to the mass exodus of middle-class homeowners and their properties from their homes, according to figures from real estate data company Trulia.
Homeownership in America is on the decline.
The number of people who own their homes at least part of the year fell to 3.9 million from 4.3 million in 2015, according the Trulia report.
Home prices are up a fraction, but the number of homes being purchased at auction is up by 10 percent, Trulia said.
In New York City, where home prices are more than 30 percent above the pre-recession peak, about 5.4 million homes are now being sold, up from 3.7 million in 2019.
In Los Angeles, where homes are more affordable than ever before, the median price of a home is $350,000, down from $500,000 in 2019, Trubulias figures show.
In Atlanta, where rents are rising and sales are falling, the number one city for buyers is New Orleans, Trumbull said.
The city, which is about to celebrate its 150th birthday, has more homes sold per capita than any other metro area in the country.
The numbers don’t include the sales of single-family homes.
Trulia has reported that, as of March 31, the city had 3.8 million single-story homes sold, which means there are more homes for sale than ever.
A recent study by the Federal Reserve Bank of St. Louis found that the market for single-person homes is in decline and that prices are rising, even though the housing supply is at a peak.
“There are fewer and fewer homes in the market that are actually affordable for most people,” Mr