Rep. Randy Forbes, R-Va., chairman of the House Armed Services subcommittee on readiness, said Thursday at a hearing that the estimate is based on an 11.3 percent cut across all Defense Department accounts, except for military personnel, which he assumes would likely be exempted from cuts. The budget cuts would be required by sequestration, which are automatic cuts that would be triggered Jan. 2 if a long-term budget-cutting deal is not struck.
http://www.federaltimes.com/article/20120726/DEPARTMENTS01/307260006/1001Homeownership drops in
The decline is directly related to foreclosures and sub-prime lending, says housing official.
By Ken McCall
The effects of the housing crash are clearly visible in new census data for
The homeownership rate declined from 2000 in
In 2010, 67.6 percent of homes in
“It’s directly tied to the mortgage fiasco, the sub-prime lending fiasco and the foreclosure boom of the last decade,” said Bill Faith, executive director of the Coalition on Homelessness and Housing in
The city in the region that showed the largest drop in the homeownership rate was, surprisingly,
Despite the growth, the
While the city added almost 1,600 new owner-occupied homes, it also added 2,533 rentals, causing the homeownership share to drop to 74.1 percent. That’s still greater than most of the cities in the region, however.
Morgan County to be hit hard by Obama military cuts
|Median resident age:||24.0 years|
|Ohio median age:||39.3 years|
Zip codes: 45433.Estimated median household income in 2009: $52,976 (it was $43,342 in 2000)
Wright-Patterson AFB CDP income, earnings, and wages data
Estimated median house or condo value in 2009: $50,563 (it was $39,200 in 2000)
Median gross rent in 2009: $1,036.
Read more: http://www.city-data.com/city/Wright-Patterson-AFB-Ohio.html#ixzz2AOsE6aQT
“Military families, or anybody who comes in and out of the community for a short period of time and buys a home, was hit by the economic downturn,” McGrath said. “They have to get out in a timely basis, and they don’t want to sell their property at a loss, so they’ll rent it out and wait for the market to rebound.”
McGrath said he’s not worried about the increase in rentals. The city’s housing mix, he said, is “pretty well-balanced and should be sustainable over time to keep occupancy rates and rent rates high.”
The city of Riverside had the second-highest decline in homeownership, falling 9.1 percentage points to 57.0 percent, but officials there said they’re rather have them rented than vacant.
“Our abandoned and vacant homes are the critical point to us,” said Robert Murray,
Mayor Bill Flaute said he’d rather see homebuyers want to live in the city, but hasn’t seen or heard of significant problems with rentals in