There's a bitter irony in the housing slump. On the one hand, low home prices and mortgage rates make this an ideal time for many first-time buyers to get a good deal.
On the other, credit standards are tighter and many young people -- especially those with lots of student, credit card, and auto debt -- find it hard to qualify for loans.
And after seeing others get hit hard by the Great Recession, many young people are disenchanted with the idea of home ownership altogether. Homeownership rates for young adults have recently fallen, after increasing steadily from the 1990's until the early 2000's.
In 2010, 44% of people ages 25 to 34 owned a home, down from 50% in 2004.
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