The Obama administration could be abandoning its focus on homeownership and instead will promote rental housing. That’s the assertion of the American Homeowners Foundation, a nonprofit educational and research group. They believe this ultimately could mean larger down payments for buyers, higher mortgage rates and reduced levels of homeownership among lower-income consumers.
This is an excerpt from their most recent newsletter:
“There are emerging signs that the President is in the process of shifting away from programs that will preserve home values and/or support homeownership, in favor of programs that will bolster the rental market. Signs include statements from Department of Housing and Urban Development Secretary Shaun Donovan. He has been involved in urban housing issues for much of his career and believes that they deserve more focus. In Congressional testimony he said that "While we continue to promote affordable homeownership, for many Americans, renting will continue to be the only or preferred option." Other senior Administration figures are sending similar signals.”
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