Home Equity Diminishing
Homeowners began to lose hold of their homes long before spiking foreclosures and the housing slump slammed the economy.
Piece by piece, some gave away their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others never owned one brick. During the country's most recent housing boom, the term "homeowner" became a misnomer as lenders offered 100 percent or more home financing to some buyers.
Now, slipping home prices threaten to further erode the value of many Americans' single largest asset, curbing consumer spending and jeopardizing retirement assets.
Thanks in large part to mortgage-related tax deductions and a drumbeat of advice that everyone should own their home, the U.S. homeownership rate rose steadily in recent decades. It peaked at 69.2 percent in 2004 before backing down to 68.2 percent at the end of the third quarter, according to the Census Bureau, which has collected the data since 1965.
But that small decline masks a much larger plunge in the amount of equity homeowners hold. This figure, equal to the percentage of a home's market value minus mortgage-related debt, fell to an average of 50.4 percent in the third quarter of this year, down from 62 percent at the end of 1990, according to the Federal Reserve, even as the average home value surged 139 percent during that period.
But the recent drop in average value is particularly bad news for homeowners who treated their homes as piggy banks instead of as savings accounts. Nationwide, they drained $468.7 billion out of their homes in 2004 through home equity loans or cash-out refinancings, according to a report from former Federal Reserve Chairman Alan Greenspan and Fed senior economist James Kennedy. Fifty-eight percent of that cash went to home improvements and personal spending, while 27 percent paid off credit card debt.
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Pending sales of existing U.S. homes rose modestly in October, bucking Wall Street forecasts, but the decline from a year ago was the third largest on record, a reminder of just how far the housing market has fallen.
The National Association of Realtors reported recently that its Pending Home Sales Index, based on contracts signed in October, was up 0.6 percent at 87.2 from an upwardly revised index of 86.7 in September.
The forward-looking indicator of home sales was more upbeat than expected by economists, who had forecast a decline of 1.0 percent.
Still, the boost in pending sales was not enough to increase analysts' hopes for a housing recovery anytime soon.
Year-over-year, pending sales were down 18.4 percent, the third-largest drop since the trade group began keeping such records in January 2001. Only the declines registered in August and September were deeper.
Existing home sales in 2008 should hit a pace of 5.70 million, compared with an expected 5.67 million this year. The NAR said median home prices would likely fall 1.9 percent this year, but rise 0.3 percent in 2008 to $218,300.
This year's home price decline would be the first annual decline since the Great Depression.
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The Rate Freeze Idea - Give Us Your Opinion
If you haven't been keeping up with the news of late, you may not be aware of the new "Rate Freeze" idea that is being kicked around by the Hope Now Alliance, coalition of lenders, servicers, investors and community groups, put together by the Treasury Department. Details of the plan have not been finalized, but in essence, it would freeze adjustable rate mortgages from taking a big jump at their next scheduled rate adjustment date, but only to those borrowers judged unable to make payments at the reset rates.
That would be determined based on a borrower's debt and income. Borrowers for whom loans are unaffordable even at the initial rates would likely not qualify, as is the case in current programs already offered by some lenders.
We have an opinion on this "Rate Freeze" idea, but would love to hear yours. Do you think this idea (if implemented) will really help anything here? Do you think the idea is fair if someone is going to decide FOR YOU whether you can afford a higher payment or not in order to qualify for a freeze on your ARM? We think it's a feeble effort with a band aid to fix a hemorrhage, but would love to hear what you think. Leave us your comment below.
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