Magazine article Mortgage Banking

Q1 Homeownership Rate Declines

Magazine article Mortgage Banking

Q1 Homeownership Rate Declines

Article excerpt

The percentage of Americans owning their homes fell during the first quarter of 2008, according to the U.S. Census Bureau.

At 67.8 percent, the first quarter's homeownership rate dropped from the first quarter 2007's rate of 68.4 percent, while it was unchanged from the fourth-quarter 2007 rate. When adjusted for seasonal factors, the first quarter's homeownership rate of 67.9 percent was lower than last year's seasonally adjusted rate of 68.5 percent, but not significantly different than the rate of 67.7 percent during the fourth quarter of 2007.

The rate translated into 75.1 million homeowners during the first quarter of 2007, noted the Census Bureau.

By region, the homeownership rate was highest in the Midwest (72 percent), followed by the South (69.7) percent and the Northeast (64.7 percent). The West posted the lowest homeownership rate, at 62.8 percent.

When compared with first-quarter 2007, the homeownership rate in the South was lower than a year ago, while the rates for the Northeast, the Midwest and the West were not statistically different from their corresponding rates last year, according to the Census Bureau. …

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