Magazine article Mortgage Banking

Q2 Homeownership Rate Unchanged

Magazine article Mortgage Banking

Q2 Homeownership Rate Unchanged

Article excerpt

The percentage of Americans owning their own homes was essentially unchanged during the second quarter of 2006, according to the U.S. Census Bureau.

At 68.7 percent, the second quarter's homeownership rate was not statistically different from the previous quarter's rate of 68.5 percent or from second-quarter 2005's rate of 68.6 percent. When adjusted for seasonal factors, the second quarter's homeownership rate of 68.8 percent was slightly higher but not statistically different than the 68.6 percent rate of the first quarter or from second-quarter 2005's rate of 68.7 percent.

The rate translates into 75.2 million homeowners during the second 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 65.4 percent. The West posted the lowest homeownership rate at 64.7 percent.

When compared with their respective rates a year ago, the homeownership rate was higher in the West, lower in the Midwest and not statistically different in other regions from their respective rates the previous year, according to the Census Bureau. …

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