Magazine article Mortgage Banking

Q2 Homeownership Rate Inches Up

Magazine article Mortgage Banking

Q2 Homeownership Rate Inches Up

Article excerpt

The percentage of Americans owning their own homes rose marginally during the second quarter of 2008, according to the U.S. Census Bureau.

At 68.1 percent, the second quarter's homeownership rate rose from the first quarter's rate of 67.8 percent but was down slightly from the second-quarter 2007's rate of 68.2 percent. When adjusted for seasonal factors, the second quarter's homeownership rate of 68.1 percent was higher than the first quarter's seasonally adjusted rate of 68 percent, but lower than last year's rate of 68.3 percent.

The rate translates to 75.7 million homeowners during the second quarter of 2008, noted the Census Bureau.

By region, the homeownership rate was highest in the Midwest at 71.7 percent, followed by the South at 70.2 percent and the Northeast at 65.3 percent. The West posted the lowest homeownership rate at 63 percent.

When compared with their respective rates a year ago, the homeownership rates in the West were lower than a year ago, while the rates for the other regions were not statistically different from their respective rates last year, noted the Census Bureau. …

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