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BOSTON - Victoria Pauli signed a one-year lease last week to stay in her rental home in Fair Oaks, Calif. She had considered buying in the area, where property prices have slumped 57 percent since a 2005 peak. In the end, she decided it wasn't worth it.
Having a roof above the head is a basic human need regardless of one's financial position. For those who are inflicted by poverty, however, the idea of owning a decent home may be as good as an unfulfilled dream. Statistics in January this year showed that there were 7,668 people in the extreme poor category and 92,593 poor households registered in the eKasih portal. Hence, the target of the Low-Income Households (LIH) National Key Results Area (NKRA) housing sub-field is to increase home ownership through the Projek Perumahan Rakyat (PPR).
The question of what to do about Fannie Mae and Freddie Mac, the two government-created enterprises that have backed massive loans to the housing market, involves much more than finance or real estate. It marks the end of an era. The relentless promotion of home ownership as the embodiment of the American Dream has outlived its usefulness. Historically, the pursuit of home ownership dates to the Great Depression of the 1930s, notes historian A. Scott Henderson of Furman University. In some ways, it's a great success story. In 1940, 44 percent of households owned a home; by 1985, the rate was 64 percent. The size and quality of homes have increased dramatically. Owning a home contributes to neighborhood stability and encourages property improvement.
A most dastardly deed occurred on Feb. 11 when the Obama administration issued a 29-page policy statement totally abandoning the federal government's time-honored role in helping Americans achieve the goal of homeownership. Instead of punishing the banks that sabotaged the American ideal of a nation of stakeholders by "securitizing" our homesteads into poker chips to be gambled away in the Wall Street casino, Barack Obama now proposes to turn over the entire mortgage industry to those same banks.
The Arcadia Association of Realtors will host a visit today by the National Association of Realtors' "Home Ownership Matters Tour Bus. The bus will be on hand from 9:15 to 10 a.m. at the Arcadia Masonic Center, 40 W. Duarte Road, Arcadia.
You know you have a large family and a small house when you have to come to the dinner table in shifts. That's what my family - two parents and 12 brothers and sisters - had to do in our little house on Lucy Street in South Memphis. Money was tight, and often my father worked two jobs. Still, my parents' modest vision of the American Dream never slipped into the modern nightmare of foreclosure. Our family didn't have the means to take a vacation, but we always had the security of living in our own home.
Though Hispanics are among the fastest-growing population in our state, the barriers for Hispanic homeowners have been steeper than for other groups," explains Jose L. Cervantes, a San Diego-based mortgage consultant for Pardee Homes. "For example, the process of qualifying for a home loan can be difficult to navigate. Some prospective Hispanic homeowners did not have long-term credit histories. Our program is designed to help families learn the process step-by-step and overcome many personal homeownership barriers to help build strong communities. Many Pardee Homes consultants also are bilingual. "Homeownership is the first step for many families to achieve the American dream," says Cervantes. "Lower interest rates and more flexibility in lending rules have helped Hispanics achieve t...
While most San Gabriel Valley and Whittier area cities followed expected housing trends because of the recession, U.S. Census data showed several cities had surprising changes since 2000. Most notably, 12 Valley cities saw the percentage of owner- occupied homes rise, something that experts said was extremely uncommon following the housing crisis.
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