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Key events in the history of homeownership in the United States
July 11th, 2023 6:37 PM

Key events in the history of homeownership in the United States

  • 1785: The Land Ordinance of 1785 was passed, which helped to define property lines and establish a system for purchasing land.
  • 1862: The Homestead Act was passed, giving settlers ownership of 160 acres of public land if they paid a filing fee and completed five years of continuous residence.
  • 1929: The Great Depression caused a sharp decline in homeownership rates.
  • 1934: The Federal Housing Administration (FHA) was formed, which made it easier for people to buy homes by providing access to flexible mortgage financing.
  • 1944: The Servicemen's Readjustment Act (GI Bill) was passed, which helped veterans buy homes.
  • 2004: Lending caps and interest rates dropped, making it easier to get a mortgage and driving home prices up.
  • 2007: The nationwide real estate bubble burst, leading to declining home prices and foreclosures.
  • 2009: First-time home buyer tax credits and other housing stimulus programs are passed.
  • 2011: U.S. housing prices bottomed out.
  • 2018: U.S. housing values recovered all 9 trillion dollars lost in the housing crisis of the prior decade.

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Posted by Patricia Persia on July 11th, 2023 6:37 PMPost a Comment

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