Supporting Homeownership in America
July 1, 2008
The information I am using for this post comes from an article in Realtor Magazine of May 2008.
The magazine was dedicated to the 1ooth anniversary of the National Association of Realtors. Throughout the 100 years the Association had a number of different names, but the merging of one name into a new name did not changed the basic goals of the organization.
According to the article, Homeownership in America, by 1900, nearly 40% of Americans were living in urban area, double the percentage from the mid 1800s. Of the urban dwellers, 75% were renters. In 1914, local boards of Realtors put their energy into a new homeownership campaign that had been launched by the U.S. Department of Labor. The "Buy a Home" campaign told the American public that homeownership was in the national interest. During the First World War, the campaign was shelved. After the was, the campaign was relaunched and renamed "Own Your Home". In spite of this effort, renting outpaced homeownership.
At this point, the need for adequate financing became a focus. In 1923, the association formed a mortgage finance division whose goal was to develop low cost financing for mortgages on small homes. Annual contests were held for the best small houses erected.
In 1931, President Herbert Hoover held a White House Conference on Homeownership and Housing which result in the establishment of the Federal Home Loan Bank Act. In 1938, the Federal National Mortgage Association was formed to purchase mortgages so that banks would have their supply of funds for new mortgages replenished.
Homeownership peaked in 2005 with 68.9% of the population owning homes. As was the economic history of America with ups and downs in the housing market, we are experiencing a retrenchment. But as in past down cycles, the federal government develops new strategies to ease the crises rising from the downturn. It has been certainly since the 1900s that Americans believe that homeownership is a goal in mankind's pursuit of Happiness.
The information I am using for this post comes from an article in Realtor Magazine of May 2008.
The magazine was dedicated to the 1ooth anniversary of the National Association of Realtors. Throughout the 100 years the Association had a number of different names, but the merging of one name into a new name did not changed the basic goals of the organization.
According to the article, Homeownership in America, by 1900, nearly 40% of Americans were living in urban area, double the percentage from the mid 1800s. Of the urban dwellers, 75% were renters. In 1914, local boards of Realtors put their energy into a new homeownership campaign that had been launched by the U.S. Department of Labor. The "Buy a Home" campaign told the American public that homeownership was in the national interest. During the First World War, the campaign was shelved. After the was, the campaign was relaunched and renamed "Own Your Home". In spite of this effort, renting outpaced homeownership.
At this point, the need for adequate financing became a focus. In 1923, the association formed a mortgage finance division whose goal was to develop low cost financing for mortgages on small homes. Annual contests were held for the best small houses erected.
In 1931, President Herbert Hoover held a White House Conference on Homeownership and Housing which result in the establishment of the Federal Home Loan Bank Act. In 1938, the Federal National Mortgage Association was formed to purchase mortgages so that banks would have their supply of funds for new mortgages replenished.
Homeownership peaked in 2005 with 68.9% of the population owning homes. As was the economic history of America with ups and downs in the housing market, we are experiencing a retrenchment. But as in past down cycles, the federal government develops new strategies to ease the crises rising from the downturn. It has been certainly since the 1900s that Americans believe that homeownership is a goal in mankind's pursuit of Happiness.
posted by shirley harry at 8:03 AM
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