Home ownership rates have slipped according to the Census Bureau.  In 2004, 69.4 percent of Americans owned their own homes.  Today, the home ownership rate is 66.9 percent and it’s expected to drop to 62 percent by 2012, the lowest its been since 1960.

According to USA Today, between six and eight million people could lose their homes in the next two years because they are now behind on the mortgage payments.

The push to own rather than rent now is being questioned. “A large percentage of households are not responsible enough to handle a mortgage payment,” [John] Burns [of John Burns Real Estate Consulting] says. “Growing homeownership is a great goal but you have to grow the percentage of households that are responsible.”

More stringent financing requirements may prevent some from buying.

I somewhat disagree with this.  While there are some homeowners who are just not responsible, it must be taken into consideration that there has been considerable job loss in the last two years.  I have heard a lot of people say the unemployed can always work flipping burgers or greeting customers at a big discount store, but a minimum wage job will not be enough to pay $1000 p/month mortgage (and that’s a cheap mortgage).

Figure $7.25 p/hour x 40 hours p/week = $290
$290 x 52 weeks p/year = $15,080
$15,080 / 12 months p/year = $1256.66 p/month

After paying the mortgage, you have $256 left to pay utilities, car payment, gas, insurance, food, etc.  Sorry, but the argument that anyone can flip burgers doesn’t cut it when it comes to saving your house from foreclosure.