Single Family Home Ownership

Paper Summary:

This paper explains that single family home ownership can be considered one element of the United States Gross Domestic Product (GDP), a tool used to track statistics on domestic economic trends, governmental policy, and fiscal changes. The author points out that, since the Great Depression, the federal government continually has helped home owners secure mortgage credits and tax benefits that were specifically geared to keep single family-owned housing affordable to as many Americans as possible. The paper relates that the housing industry is a very good indicator of the direction and consistency of the gross domestic product, because when consumers have money, they buy new homes and associated products. Many charts.

Table of Contents
Introduction
The Industry
Limitations
History
Housing Construction, Federal Republic of Germany, 1950-1988
Current Situation
Future Growth
Gross Domestic Product
Components of Aggregate Demand
Consumption
Investment
Government
Mortgage Rates
Conclusion

From the Paper:

"So how did we get here? We have to look back to the pre and post World War II era for answers to some of the questions affecting us today. "The Depression made clear in the minds of policymakers in the United States the need both to stimulate the economy and to create a new economic order geared towards stability. Turning a 'nation of renters' into a 'nation of owners' was seen as a way of extending the possession of stable assets to the majority of the population. In the United States, Franklin D. Roosevelt introduced a federal initiative to stimulate the private housing market." In 1934, in an effort to restart the depression savaged United States economy, Congress passed a main function of President Roosevelt's housing legislation called the National Housing Act. The Act established the Federal Housing Administration. The National Housing Act made an attempt to eliminate short-term mortgages so as to eliminate the opportunity for lenders foreclosing at the end of periods as short as two or three years."

More papers on Single Family Home Ownership:

• Research Paper # 147872 : "Single-Parent Homes"
• Narrative Essay # 96758 : "Cost of Home Ownership"
• Essay # 74412 : "Barriers to Home Ownership"

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