Home Ownership Rates Continue To Fall

Posted By on January 31, 2011

Home ownership rates continue to fall. History tells us that boom bust cycles tend to overshoot both on the upside and to the downside.  More downside should be expected here.

In the fourth quarter of 2010, 66.5% of Americans owned homes, down from 67.2% a year earlier and the lowest rate since the end of 1998, according the Census Bureau. The ownership rate surged to a record 69.2% in 2004’s second and fourth quarters. After that down she went.

Just 44.8% of black-only households were homeowners in the fourth quarter of 2010, down from 46% a year earlier. The rate for Hispanics also fell, to 46.8% from 48.4%, the Census showed. The rate for white, non-Hispanic households slipped to 74.2%, from 74.5%.

The West was most effected and continues to see high foreclosure rates. It registered the nation’s lowest ownership rate at 61%, down from 62.3% a year earlier. The Midwest had the highest percentage of homeowners among regions, but also saw a year-over-year decline, to 70.5% from 71.3%.

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