It seems like just a few years ago, home ownership was soaring. Everyone and anyone was out there buying a home. New construction could be seen everywhere. There was every type of mortgage for everyone and every type of scenario out there. What has happened? Why is homeownership declining?

This is something that each one of us has to face. The world is not what it used to be a few years ago. While it seemed like everyone had everything they could possibly want, no one was looking to see if the bottom of the glass was going to fall out. And, indeed, that is just what happened. And today, we are looking at a much different world and society.

Owning a home is no longer the must have that it used to be. In fact, in recent years, people have started to abandon their homes because they couldn't afford them. Mortgage rates are so low today and home prices continue to fall, but yet people are not buying houses.

With the current unemployment rate and the future of the economy looking bleak, it is no wonder that home ownership is declining. People no longer want to take the chance of owning a home and locking themselves into a mortgage for the next 30 years when they don't know whether they will have a job next year. Most people are choosing to clean up their debt and then try to move on. No one knows what will happen each day. If someone predicts a storm, oil goes up and gas goes up in price. That alone can throw a family budget completely off course. With all of these things in mind, many people are not taking the plunge.

Then there are the banks who don't really want to lend money out unless you have perfect credit. After lining our pockets with credit cards and equity lines of credit, they are now trying to get their money back any way that they can even if it means raising rates and charging fees. They no longer seem to be in the business of lending, just taking.

Home ownership can be a wonderful thing. But renting can also be a wonderful thing. Either way, people must make the best out of whatever situation they are in because, in the end, happiness and peace of mind is what matters.