Magazine article Mortgage Banking

Q1 Homeownership Rate Drops

Magazine article Mortgage Banking

Q1 Homeownership Rate Drops

Article excerpt

The percentage of Americans owning their own homes fell during the first quarter of 2006, according to the U.S. Census Bureau.

At 68.5 percent, the first quarter's homeownership rate fell from both fourth-quarter 2005's rate of 69 percent and from first-quarter 2005's 69.1 percent during the first quarter of 2005. When adjusted for seasonal factors, the first quarter's homeownership rate of 68.6 percent was lower than last year's seasonally adjusted rate of 69.2 percent, but not statistically different from the fourth-quarter 2005 rate of 68.8 percent.

The rate translates to 74.8 million homeowners during the first quarter of 2006, noted the Census Bureau.

By region, the homeownership rate was highest in the Midwest at 72.5 percent, followed by the South at 70.4 percent and the Northeast at 64.7 percent. The West posted the lowest homeownership rate at 64.4 percent.

When compared with their respective rates a year ago, the South's home-ownership rate was lower than the rate in the first quarter of 2005, while rates for the other regions were not statistically different from their respective rates the previous year, said the Census Bureau. …

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