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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Live2Sail who wrote (56121)6/15/2006 11:26:45 AM
From: GraceZRead Replies (3) of 306849
 
As of 2004 70 million households in the US had no housing expense what-so-ever. This includes about 15 million or so that either get a house as part of their employment compensation and those who live in 100% subsidized housing. So that means that around 55 million or so out of the approximately 120 million US households own their house outright. Now we have a 67% ownership rate for households, that means 80 million household own, so if 55 million own outright, that is the majority of households. The majority of US households have zero mortgage interest deduction. Another 20% are like me, they've owned their house long enough that interest is half or less of their monthly mortgage payment soon to be zero. Almost all the mortgage interest and the consequent deduction is concentrated in a small number of households on either coast who have taken serial home buying and borrowing to a new level.
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