Maybe. According to mortgage.org’s article (link below). There is no doubt of the many benefits of homeownership – equity build up, wealth creation, stability, feeling of moving up in the world, being able to provide your family the best or better than you may have had–there is a decline in the amount of mortgages. The reason for the decline includes a few factors such as the now harder to mortgages, dropping home values and of course the ongoing foreclosures. If this continues, will America become a society of Renters?
Hmm. I don’t think so because Americans like what they like and they want what they want. And if Americans want to own a home, lenders will find a way to make that happen. However, homeowners will have to (my personal opinion) become money smarter, financially literate to avoid what is going on now.