I was glancing through the May issue of REALTOR magazine which had an article and a timeline regarding Home ownership in America. Here are a few items I noticed on the time line, does any of this look familiar?
1997 – 1979 The Energy Crisis
1980 With inflation running at 13 percent and unemployment near 8 percent, single-family home sales plunge 22 percent from a year earlier.
1981 By September, mortgage rates surpass 18 percent and end the year around 17 percent.
1987 A 32 percent decline stock values between Oct. 13 and Oct. 19 exceeds the magnitude of the 1929 stock market crash.
1989 The failure of nearly 1,000 savings and loan associations lead to passage of the Financial Institutions Reform, Recover and Enforcement Act and creation of the Resolution Trust Corp.
1991 Mortgage interest rates dip below 10 percent for the first time in 12 years.
1995 President Bill Clinton unveils a National Home ownership Strategy with a goal of raising the nation’s home ownership rate to 67.5 percent by 2000. This goal is reached.
2000 Stocks begin a downward plunge in March, marking the end of the dot-com boom.
2003 Residential mortgage rates dip below 6 percent in January.