Appraising in Delaware, the Blog...

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.