Homeownership Drops As Americans Request Foreclosure Relief

The rate of Americans who own a home has fallen to levels - about 66 percent - not seen since the late 1990s.

According to U.S. Census Bureau data released earlier this week, the amount of Americans who owned a home during the last quarter of 2011 fell by about 0.3 percent from third quarter numbers. These figures have been in steady decline since mid-2004.

This data follows a Gallup poll released last week which found that a majority of Americans - 58 percent - prefer the government take action in addressing foreclosure problems and low homeownership rates. While the results were split among lines of political party, income and education level, the results were fairly indicative of widespread support for government intervention in the housing market.

Still, about 34 percent of Americans said they wanted the government to allow the housing market to settle on its own. Despite President Obama's desire to inject the government into housing issues, as he expressed during his State of the Union last week, a Republican-controlled House of Representatives may be able to block any of the housing initiatives he supports.

Instead, property owners, tenants and homeowners will need to operate in the current housing climate for the time being. With homeownership rates as low as they are, many Americans have no choice but to rent properties. Prospective properties owners may want to seek out real estate investor loans to take advantage of burgeoning rental prices that have accompanied the housing bust.

Homeowners who have tried to sell their properties but are dissuaded by low home values may instead conduct a mortgage refinance to make their homes more affordable. Individuals who are not U.S. citizens may seek foreign national loans to help fill the abundance of properties that are currently vacant.

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