Magazine article Mortgage Banking

Homeownership Rate Slips in Second Quarter

Magazine article Mortgage Banking

Homeownership Rate Slips in Second Quarter

Article excerpt

ACCORDING TO THE U.S. CENSUS BUREAU, the percentage of Americans who owned their own homes declined during the second quarter of 2005, while minority homeownership slipped as well from the previous quarter's record high.

At 68.6 percent, the second quarter's homeownership rate dropped both from the first quarter's rate of 69.1 percent and from the 69.2 percent rate from second-quarter 2004. When adjusted for seasonal factors, the homeownership rate was 68.8 percent--a drop from 69.2 percent the previous quarter and lower than the 69.4 percent for the same period a year ago. This translates to an even 74 million homeowners, said the Census Bureau.

By region, the homeownership rate was highest in the Midwest at 73.4 percent, followed by 70.4 percent in the South and 64.7 percent in the Northeast. The West posted the lowest rate of homeownership at 63.8 percent.

When compared with their respective rates a year ago, the homeownership rate for the Midwest was lower, while the rates for the Northeast, South and West were unchanged, according to the Census Bureau. …

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