Great Recession creates 4.8 million renters

Due to the economic climate over the past four years, there are more renters in the United States than ever before, topping at 4.8 million. Subsequently, the number of homeowners has decreased by 1.7 million. Although the housing market has continued to fluctuate for the majority of 2012, home sales are expected to increase in the upcoming year. These expectations are based and contingent on government tax policies and the avoidance of the fiscal cliff. If the government chooses to raise taxes, it is believed that economic growth will be halted and will undoubtedly affect the housing market negatively. Another factor in the expected number of home sales this year is the qualified mortgage rule, which is set by the Consumer Financial Protection Bureau. If taxes can be moderated and the fiscal cliff avoided, experts predict that home prices will increase this year. Read the full article here: