Here we are, beneficiaries of the Great Obama Recovery® and yet homeownership rates are down among blacks and young adults.
Per a new report from the Pew Research Center, and as our readers are undoubtedly aware, home prices have indeed recovered to pre-recession levels with a little help from Janet Yellen and crew.
That said, the Obama narrative breaks down from there as further research readily reveals that home prices have recovered despite a massive drop in overall homeownership rates.
Moreover, the folks that seem to have been hit the hardest are the ones that were the biggest supporters of Obama’s “Hope & Change” agenda. Per the table below, homeownership rates among “Young Adults” and “Blacks” are down 18% and 16%, respectively, since the peak in 2004. And while that’s definitely a big “Change,” it’s somewhat lacking on the “Hope.”
The irony here is that despite anti-Wall Street rhetoric Obama/Democrat pro-Wall Stree monetary policy have (combined with declines in the labor force and incomes) made home ownership a luxury fewer and fewer American’s can afford.
Zero Hedge has lots of pretty graphs for people who want to visualize the wonder of progressive policy in action.
