Magazine article Mortgage Banking

Q3 Homeownership Rate Declines

Magazine article Mortgage Banking

Q3 Homeownership Rate Declines

Article excerpt

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

At 67.9 percent, the third quarter's homeownership rate fell from the second quarter's rate of 68.1 percent and was also down from third-quarter 2007's rate of 68.2 percent. When adjusted for seasonal factors, the third quarter's homeownership rate of 67.8 percent was lower than both the second quarter's seasonally adjusted rate of 68.1 percent and last year's rate of 68.1 percent.

The rate translates to 75.9 million homeowners during the third quarter of 2008, noted the Census Bureau.

By region, the homeownership rate was highest in the Midwest at 71.9 percent, followed by the South at 69.9 percent and the Northeast at 64.4 percent. The West posted the lowest homeownership rate at 63.5 percent.

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

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