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 2007, according to the U.S. Census Bureau.

At 68.4 percent, the first quarter's homeownership rate dropped from both fourth-quarter 2006's rate of 68.9 percent and from first-quarter 2006's rate of 68.5 percent. 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 68.7 percent from both fourth-quarter 2006 and first-quarter 2006.

The rate translates to 75 million homeowners during the first quarter of 2007, noted the Census Bureau.

By region, the homeownership rate was highest in the Midwest at 72.5 percent, followed by the South at 70.6 percent and the Northeast at 64.8 percent. The West posted the lowest homeownership rate at 63.6 percent.

When compared with their respective rates a year ago, the homeownership rates for each region were not statistically different from their respective rates the previous year, noted the Census Bureau. …

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