The Homeownership Rate Continues to Decline

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Foreclosures may send homeownership to it’s lowest level in 50 years.

Millions of houses on the verge of foreclosure threaten to send homeownership to its lowest level in 50 years, according to new industry estimates.Fresh projections say the rate could plummet to about 62% as early as 2012 and almost certainly by the end of the decade. Homeownership rates haven’t been that low since they hit 61.9% in 1960.

 

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Average Tax Refund Up 10% to a Record $3,036

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The average income tax refund is up nearly 10% from a year ago, reflecting tax credits included in last year’s economic stimulus package, according to IRS Commissioner Douglas Shulman.  Vice President Biden is expected to announce the increase Monday as part of a month-long effort to promote tax benefits available through the Recovery Act of 2009.

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First-Time Home Buyers Driving Trend Toward Smaller Homes

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Less is more for home buyers

Out of the depths of housing’s worst downturn, smaller new homes are turning into a bright spot for some home builders.  The trend toward more compact new homes is being driven partly by the fact that more customers are first-time buyers who have less to spend.

 

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