A July 28 report of Bloomberg revealed that this year’s homeownership rate is the lowest in decades. In the recent data released by the U.S. Census Bureau, the nationwide homeownership rate was 63.5 percent in the first quarter, and it fell to 62.9 percent before the third quarter. This year’s homeownership rate marks the lowest rate since 1965.

The bureau found that people who are in the 18-35 age bracket and those looking forward to buying their own house are having a hard time finding affordable mortgages. Many people have turned to renting as a viable option. A real estate expert noted that while the trend of decreasing homeownership rates hurts people who are looking to buy a house, increasing renting trends are benefiting families who were victims of the foreclosure crisis.

Due to home prices increasing faster than salaries, the attorneys at Greenway Bankruptcy Law, LLC in Birmingham understand that many families are liable to lose their homes to foreclosure. If you are facing potential foreclosure, we may be able to offer you legal options to save your family’s shelter. Find out how we can work on your behalf today by calling (205) 324-4000.