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Patterns of homeownership, delinquency, and foreclosure among youngest baby boomers

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Patterns of homeownership, delinquency, and foreclosure among youngest baby boomers, By Alison Aughinbaugh

  • “The recent decline in the housing market was preceded by strong growth for over a decade. From the fourth quarter of 1995 to the fourth quarter of 2005, homeownership rates increased from 65.1 percent to 69.0 percent.1 In the 1990s and early 2000s, mortgage originations grew six-fold, from $459 billion in 1990 to $2.9 trillion in 2005. Over this same period, mortgage delinquency rates (around 4.5 percent) and foreclosure rates (around 1.2 percent) remained low between 2000 and 2005. After 2005, these patterns reversed, with homeownership rates falling and delinquency and foreclosure rates rising. Recent data show homeownership rates fell to 66 percent by the fourth quarter of 2011. Delinquency rates rose to 9.4 percent in 2009 and foreclosure rates rose to 4.6 percent in 2010. This analysis considers the patterns of homeownership, delinquency, and foreclosure over this turbulent period in the housing market for a cohort of Americans born in the years 1957 to 1964, the latter years of the “baby boom” that occurred in the United States from 1946 to 1964.
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