Homeownership Drops to Near 50-Year Lows

In spite of months-long conjecture that the nation is ready for a housing upturn, homeownership -- a tenet of the typical American life -- is far from creation a comeback. According to industry outcrops, millions of homes spiraling toward foreclosure are putting homeownership in jeopardy of its buck level in 50 years, reports USA Today. By 2012, the rate could fall to 62 percent, approximately equivalent to 1960, when the level of homeownership plummeted to 61.9 percent.

Millions additional homes lost to foreclosure will create a shadow list and further drag down homeownership rates, said John Burns, CEO of John Burns Real Estate Consulting. He predicts that 6 million of the 8 million Americans submarine on their mortgages will lose their home to foreclosure over the next two years.

for more news about: Homeownership Drops to Near 50-Year Lows,famous celebrities, nasa space station info