Free and Clear

From Daily Mail:

Mortgage-free America! Share of US homes owned outright rises to an all-time high thanks to ageing boomers paying off their record-low deals

The share of US homes that are owned outright has increased by 5 percent over ten years to an all-time high.

Last year, almost 40 percent of Americans owned their homes but a decade prior, in 2013, that number was just 34 percent, according to US Census Bureau data cited by Bloomberg.

The trend is being driven by an aging population who enjoyed relatively low mortgage rates and have had opportunities to refinance them as they aged, the outlet reported. 

The number of mortgage-free single-family homes increased by 7.9 million between 2012 to 2022, to 33.3 million, according to the Census Bureau data analyzed by Bloomberg. 

And of the 84.6 million owner-occupied homes in 2022, almost 33 percent were owned by people 65 or older.

That was an increase of 4.6-percent, or 2.8 million, from 10 years earlier.

This entry was posted in Demographics, Economics, National Real Estate. Bookmark the permalink.

23 Responses to Free and Clear

  1. Hold my beer says:

    First

  2. leftwing says:

    Chi, good luck on admissions. Yeah, that late second period goal hurt especially after they clawed their way back….I think the Bulldog wins gave a false sense….M-D is not that good this year. Let’s see how it goes…I’m not as up on the team as usual, first year in a decade I don’t know someone playing personally…getting old, as are my friends (and their kids) lol….

  3. Juice Box says:

    Grim did you make it to San Padre?

    https://www.youtube.com/watch?v=mhJRzQsLZGg

  4. Fast Eddie says:

    The trend is being driven by an aging population who enjoyed relatively low mortgage rates and have had opportunities to refinance them as they aged, the outlet reported.

    And they’ll eventually sell for boo koo bucks, move to a leisure village community, receive Medicare and s0cial security plus the gains on their investments. I assume millennials and gen z will eventually do their best to eradicate boomers by any means possible. A death lottery? Stealth poisoning? Random mass kidnapping?

  5. Phoenix says:

    Poor Musk

    Between this and advertising fleeing X, it’s a bad week.

    Elon Musk’s next-generation Starship exploded less than ten minutes into its second test flight after separating from its main booster rocket – seven months after the spacecraft’s first flight ended in explosive disaster.

  6. Phoenix says:

    Me thinks the govt be more upset that they didn’t get their VIG (tax proceeds) of this activity than the actual activity itself. And criminals love their gold (wink wink).

    Seized that day, authorities said, included a bag stuffed with 700 condoms, as well as lubricant and sex toys, Platkin said.

    But that wasn’t the most damning evidence.

    Computer hard drives discovered at the gentlemen’s club contained hundreds of hours of security video, the attorney general said, including one from a camera in the club’s VIP section that shows various dancers having sex with the customers.

    Those interested “paid a fee to the business to enter the VIP area for private dances, then had the option of paying additional variable fees directly to dancers for sex,” Platkin explained.

    Some of the defendants “largely failed to report the proceeds of the unlawful prostitution operation as taxable income,” he added.

    They “established corporate entities to camouflage the true sources of the money,” the attorney general said.

    More than $10 million in proceeds from the business “moved through numerous bank accounts controlled by the defendants, which were used to conceal the source of the funds,” Platkin said on Friday, Nov. 17.

    Special Deputy Attorney General Susan Carracino, another assistant Middlesex prosecutor,, is handling a civil attempt to seize more than $3.5 million in assets, including two properties, 11 vehicles and $687,902 in gold and silver coins.

  7. Phoenix says:

    Wartime powers. For heat pumps.
    Dolt.

    “President Joe Biden will use special wartime powers to boost US production of heat pumps, by funding nine manufacturing projects with $169 million from last year’s climate bill, the Energy Department said on Friday.

    The awards were granted under the emergency authority of the Cold War-era Defense Production Act (DPA), which Biden invoked on the basis of climate change to boost spending on clean energy technology.

    ‘The President is using his wartime emergency powers under the Defense Production Act to turbocharge US manufacturing of clean technologies and strengthen our energy security,’ said Biden’s National Climate Advisor Ali Zaidi in a statement.”

  8. BRT says:

    lol, building Heat Pumps off a climate change bill. “Special Wartime Powers”. I’m sorry, did congress declare war?

  9. Phoenix says:

    A churchy story to brighten up your religious day. Say an extra hail Mary for the sinners who run the joint:

    Mormon leaders accused of ‘covering up’ a decades-long ‘epidemic’ of sexual abuse and INCEST that rivals scandals in Catholic church: Victims say perpetrators are protected – but the abused are forced to forgive their attackers
    DailyMail has combed through reams of court documents and spoken to around a dozen church members to expose the true scale of alleged abuse
    Victims claim abuse is ‘rampant’, with the church facing legal action over allegations it consistently hides cases from police to avoid costly lawsuits
    Their stories, which span decades, claim the church has allowed abusers to operate unchallenged, with women and children made to suffer as a result

  10. Bystander says:

    Phoenix..I mean, a polygamous religious cult compound (now called Utah), spawned from suppressive breeding mare sister wife system..what are the chances that abuse and incest happened? Truly shocking

  11. Hold my beer says:

    My grvalia coffee maker I laid $2 for at a garage sale 5 years ago gave up the ghost this week. I paid up and got a ninja barista and brewed the first pot this morning. Was great. We ordered a milk frothing pitcher today and will try making lattes with it tomorrow.

  12. Hold my beer says:

    Typos galore. Almost a jj story.

  13. Libturd says:

    F1 seems like such a waste.

  14. Phoenix says:

    HMB,
    There was a time when you could have bought an American made one that would have lasted.

    If you even could find the “Chevrolet” version of this, it would cost three times as much, leak every day, then burn your house to the ground at 3am.

    USA brand and Chinese made. Tells the story. USA gets the profit, China provides the labor.

    But we should be at war and fear China.

    Where Are Ninja Coffee Makers Made?

    The Ninja brand is a USA-based brand although their products are manufactured in China.

  15. Phoenix says:

    Well you brain addled old goat as President, it appears you are the one who woke up dead.
    You called this guy a dictator after lying and pretending you wanted to work with him.

    Common sense would dictate that since you have a military surrounding his country and are trying to choke him off economically, of course he is going to weaponize.

    All this after he provides you with Ninja Coffee Makers that HMB says made him what he calls a “great” cup of coffee- and with a decent price.

    Americans are ungrateful and lazy.

    “APEC over, Taiwan reports renewed Chinese military activity”

  16. leftwing says:

    “Well you brain addled old goat as President…You called this guy a dictator…”

    Yeah, but it was Corn Pop who was the real bad dude.

    “F1 seems like such a waste.”

    It’s America suburban pop culture corrupting something worthwhile, as usual. Drivers are incredibly talented, cars are both pieces of art and outstanding machine feats, and the depth of the teams’ contributions complex and immeasurable.

    And then there’s this…..

    https://www.instagram.com/reel/Cz0JIbNCXUr/?igshid=ODhhZWM5NmIwOQ%3D%3D

    Sorry, Checo, Vegas ain’t Monaco…..

  17. Chi says:

    So exciting that NJ has the lead in an innovative new industry.

    WeWork Bankruptcy Adds To New Jersey’s Growing List
    BY AKIKO MATSUDA
    WeWork ’s chapter 11 filing last week marked at least the seventh large bankruptcy filed in New Jersey since last November, signaling the state’s increasing popularity as a destination for companies seeking to restructure their debt.

    Rulings viewed as favorable to companies in chapter 11 and a stable roster of veteran bankruptcy judges in the state have been part of the appeal for companies looking for predictability in the outcome of their cases.

    Judges with many years on the bench have accumulated a stack of decisions, which helps bankruptcy advisers to pick a venue for their clients, said Robert Lawless, a law professor at the University of Illinois. The companies and their advisers are “obviously happy with the New Jersey court” in terms of how it rules, Lawless said.

    Venue rules under the U.S. bankruptcy law allow companies to file their cases outside of their headquarters or where they have primary operations as long as they have an affiliate in the jurisdiction they choose. As a result, selecting a venue has been an important part of strategic planning for prospective filers and their legal advisers. Historically, bankruptcy courts in Wilmington, Del., and New York attracted major corporate filings, but other venues also gained traction.

    For New Jersey, the most recent large filings began last November with cryptocurrency lender BlockFi , followed by four major cases in April: the second bankruptcy filing of Johnson & Johnson’s LTL Management, wedding-gown chain David’s Bridal, home-goods chain Bed Bath & Beyond and Berkshire Hathaway- owned former talcum powder supplier Whittaker, Clark & Daniels. Last month, Rite Aid, a Philadelphiabased drugstore chain, filed for bankruptcy in New Jersey to deal with hundreds of lawsuits alleging the company oversupplied prescription painkillers that helped fuel the nation’s opioid epidemic.

    While BlockFi, LTL Management and Bed Bath & Beyond listed New Jersey as their main addresses, the other four filers are based primarily outside of the state.

    New Jersey’s share of large bankruptcies—with liabilities of more than $100 million— nationwide rose to 5%, compared with less than 2% the previous 12 months, according to bankruptcy data provided by New Generation Research. In the prior 12-month period ended November 2022, only one large case—real-estate development firm National Realty Investment Advisors— was filed in New Jersey. The number of large cases in the current 12-month period ending November was the highest in the past five years.

    “I don’t think it’s sudden. We’ve had some notable filings,” said Michael Kaplan, chief judge of the U.S. Bankruptcy Court’s New Jersey district. In the early months of the pandemic, Modell’s Sporting Goods, kitchen-supply chain Sur La Table, and the parent company of apparel brand New York & Co., all filed in New Jersey.

    More cases are coming to New Jersey because its courts have been overseen by the same group of judges for the past eight years, allowing prospective filers to know what to expect, Kaplan said.

    Michael Sirota, a veteran bankruptcy attorney with New Jersey-based law firm Cole Schotz, said Kaplan’s handling of the first LTL bankruptcy that was transferred from North Carolina helped put New Jersey on the map.

    In his 2022 ruling, Kaplan affirmed J& J’s use of a strategy known as the Texas Two-Step, in which J& J set up the subsidiary and placed it under bankruptcy to manage its talc liabilities. The ruling was later reversed by an appeals court.

  18. Phoenix says:

    Yeah, but it was Corn Pop who was the real bad dude.

    Corn Pop gave me the Diabeetus.

    I was supposed to check my blood sugar early, and check it often. He said there was no reason not to.

    Except my American health insurance wouldn’t cover my test strips. 🤣🤣🤣

  19. Phoenix says:

    Morris county takes the hit now:
    Siemens and Novartis both laying off.

    A pop, sputter, than wheeze as the port engine fails. Better feather that prop boys, nearest airport ain’t for 100 miles.

  20. Phoenix says:

    The only thing the military hates more than having their image tarnished is providing healthcare benefits for veterans.

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