The number of Americans who own their homes continued to decline in recent months and now is at the lowest level since early 1998.

The nation’s home-ownership rate stood at a seasonally adjusted 66% in the second quarter, down from 66.4% in the first quarter and 66.9% in the second quarter a year ago, the Census Bureau reported Friday.

During the boom, when easy credit made mortgages readily available, Americans rushed to buy homes, pushing the ownership rate to a record 69.4% in the second quarter of 2004. It remained near that level until Americans began losing their homes to foreclosure or abandoning them in recent years.

The rise in home ownership during the boom “has been more than completely wiped out during the bust,” wrote Paul Dales, senior U.S. economist with Capital Economics, in a client note.

As the foreclosure crisis drags on, the unemployment rate remains elevated and home prices continue to fall, most industry watchers expect the rate to continue go even lower, possibly below 65%. Each 1% decline in the homeownership rate represents the movement of one million households to rentals, housing experts say.

Full story is available on The Wall Street Journal

The number of Americans who own their homes continued to decline in recent months and now is at the lowest level since early 1998.

The nation’s home-ownership rate stood at a seasonally adjusted 66% in the second quarter, down from 66.4% in the first quarter and 66.9% in the second quarter a year ago, the Census Bureau reported Friday.

During the boom, when easy credit made mortgages readily available, Americans rushed to buy homes, pushing the ownership rate to a record 69.4% in the second quarter of 2004. It remained near that level until Americans began losing their homes to foreclosure or abandoning them in recent years.

The rise in home ownership during the boom “has been more than completely wiped out during the bust,” wrote Paul Dales, senior U.S. economist with Capital Economics, in a client note.

Full story is available on The Sacremento Bee

When you act now and take advantage of the fact that homes more affordable than they’ve been in the past 35 years along with the fact that interest rates remain at historic lows, the result could be smaller monthly payments that can be held in check for up to 30 years with a fixed-rate mortgage.

There’s no doubt that it’s a great time to buy a home. Attractive prices, low interest rates and a great selection are all contributing to an increase of activity this summer, according to Pete Novak, chief executive officer of the Greater Northwest Indiana Association of Realtors® (GNIAR).

“Buyers are becoming more aware of the fact that there are some good deals out there, and current trends indicate they are ready to act on them,” Novak said. “We’re also seeing sellers become a bit more aggressive with more buyers in the market.”

It’s most certainly a great time to make that move into the home of your dreams. Even as selection and price continue to favor buyers, sellers who also want to buy are finding a bright spot in the current market as well.

Full story is available on nwi.com

According to a recent survey, one in five (20 percent) homeowners has recently moved or would like to move because of being unhappy with the current neighborhood or community. When searching for their next home, homeowners also cited they would change their search criteria when considering a new home.

The top search terms include: ease of commuting by car (38 percent), access to health and safety services (34 percent), family-friendly neighborhood (33 percent), availability of retail stores (32 percent), access to cultural activities (21 percent) and public transportation access (19 percent).

The survey was conducted by Better Homes and Gardens Real Estate, an international franchise network of real estate brokerage firms, in collaboration with the Meredith Corporation, a major media company and publisher of Better Homes and Gardens magazine and other major publications.

It was concluded that a significant new trend has evolved for prospective buyers searching for the right new home. They are putting a higher priority on lifestyle factors offered in local communities.

Q. I cannot afford to buy a waterfront home. However, I saw an ad recently for a houseboat that I can afford. The idea of living in one intrigues me. Am I crazy to consider it?

–Portland, Ore.

A. You’re not crazy—plenty of people live on houseboats (which have motors and can move) or floating homes (which have no means of propulsion and are permanently moored). But they’re not for everyone. You’ll probably enjoy one best if you’re adventurous; mechanically inclined; not afraid to brave waves and weather; and don’t need a yard and basement storage.

Before you make an offer, ask the owner to show you the boat’s title, and also to certify in writing that the boat has no liens against it and that it has never either sunk nor collided with another vessel. Find out why the owner is selling and how long the boat has been for sale. Ask to see maintenance records, and inquire about fuel costs, operating expenses and taxes.

Also, ask about slip fees and whether or not dock space can be purchased. Leasing fees average several hundred dollars a month, and are determined by both the length of the boat and whether it’s an inside slip or an outside one with the best views and easiest access to the water. Buying a slip might cost you six figures, with added association fees for garbage, sewer, security gates, utilities and water. Find out if the association provides access to any community amenities, like a clubhouse or pool, and what its policies are in terms of pet ownership and parking.

Full story is available on The Wall Street Journal

A Loveland real estate broker worries that proposed federal regulations on home mortgages will force some local buyers out of the housing market.

Kurt Albers, vice president of the Colorado Association of Realtors, is most concerned about proposed regulations on a new class of loans that could require a 20 percent down payment.

Some in the real estate industry worry that if a large number of homebuyers cannot meet the requirements for this type of loan, called a qualified residential mortgage, they would be forced into more expensive loans.

With qualified residential mortgages, lenders will be able to sell the entire loan to investors. If the borrower does not meet the requirements for a qualified residential mortgage, the lender will have to keep 5 percent of the loan and the risk associated with it. This potential requirement could force some families who want to qualify for QRM loans to save for as long as 16 years for their down payment, Albers said.

Full story is available on reporterherald.com

The percentage rate of single-family home loans behind in payments by at least 90 days improved between May and June, government-controlled mortgage company Fannie Mae said Friday.

The company said that the delinquency rate for its portfolio of single-family home loans slipped to 4.08 percent in June from 4.14 percent in May. It was 4.99 percent in June 2010 and has been declining every month since.

The rate of delinquencies for mortgages on apartment buildings also inched lower.

Apartment building mortgages behind at least 60 days had a delinquency rate of 0.46 percent last month, down from 0.52 percent in May. The rate stood at 0.80 percent in June last year.

The delinquency rate for Fannie Mae ( FNM – news – people )’s apartment building mortgages has declined every month since December.

Full story is available on Forbes

The California Association of Realtors has released the results of a survey it conducted in June to gauge agents’ experiences in helping clients negotiate short sales with their banks. In a short sale, the borrower avoids foreclosure, but the bank has to accept less than the full amount it’s owed due to that balance being more than the home’s value. The survey results focused on California Realtors in the Central Valley.

More than half of respondents described working on a short-sale transaction as “difficult” or “extremely difficult.” The three most often cited difficulties were slow response time on a sale request, repeated requests for documentation, and poor communication with lender representatives. Other complaints included banks foreclosing on a property with an approved short sale in place and banks’ unwillingness to accept reduced prices, even when confronted with comparable sales data.

“Lenders are out of touch with the realities of the market and the consequences to struggling homeowners, and the result is unnecessary foreclosures that only make California’s economic problems worse, hindering a desperately needed recovery,” said C.A.R. treasurer Don Faught.

Full story is available on San Diego Reader

Want to sell your home?Your odds are much greater if the home is in foreclosure or can be sold in a “short sale,” according to a report issued yesterday by the Columbus Board of Realtors.

The report found that such properties accounted for nearly 40 percent of all homes sold during the first half of the year, even though they made up less than 20 percent of homes on the market.

Likely reasons include banks’ eagerness to shed foreclosed properties and buyers being drawn to such properties because they are looking for a deal.

“That’s what people are buying right now — that’s the market,” said Toby Boyce, a Keller Williams Consultant agent in Delaware County who specializes in short sales, in which a lender is owed more than the property is worth.

Full story is available on Loan Safe.org

Hopeful homebuyers may soon need to shell out more money upfront before being approved for a mortgage.

The public comment period concludes Monday for potential mortgage-related provisions spawned by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Among the potential outcomes is that homebuyers could be required to front a higher down payment — as much as 20% — before they can legally qualify for a mortgage loan.

The proposed changes are being reviewed by federal regulators, among them the Treasury Department, Federal Reserve Board, Federal Deposit Insurance Corp., the SEC, the Federal Housing Finance Agency and Department of Housing and Urban Development. There is no set timeline for when final decisions will be made.

Many in the real estate sector have joined forces to fight such a change aimed at so-called Qualified Residential Mortgage loans, arguing that a 10% or 20% down payment mandate would deliver yet another damaging blow to the floundering housing market.

Full story is available on The Street