Millions More U.S. Homeowners to Rent, Pimco’s Simon Says
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The U.S. homeownership rate may fall two percentage points to 64 percent, below historic norms, amid about six million additional foreclosures and tight lending standards, according to Pacific Investment Management Co.’s Scott Simon.
“You may be turning another 4 million homeowners into renters,” Simon, the mortgage-bond head at Newport Beach, California-based Pimco, said in an interview on Bloomberg Television’s “Surveillance Midday” with Tom Keene.