Homeownership Stays Below 67%

Homeownership Stays Below 67% The percentage of U,S. households that owned their homes remained at 66.9 percent in the third quarter, unchanged from the second quarter, the Census Bureau said Tuesday.

The homeownership rate held steady for decades at 64 percent, but climbed to 69 percent in 2004. Since the housing bubble burst in 2006, it has declined steadily.

Because of rising foreclosures and tightening lending standards, homeownership is likely to decline to 66.7 percent, the rate in 1999, predicted IHS Global Insight economist Patrick Newport.

Source: The Associated Press, Alan Zibel (11/02/2010)