Homeownership Rate at Its Lowest Since 1995: The home ownership rate dipped to 65.1 percent in the second quarter, falling to the lowest level since the fourth quarter of 1995, the Census Bureau reported Tuesday.
The drop coincides with efforts by consumer groups and lawmakers to try to make home ownership more inclusive, particularly at a time when affordability is still high.
In 2004, the U.S. home ownership rate soared to a record 69.2 percent. But the home ownership rate will likely reach bottom at about 64 percent in the next year due to the high number of foreclosures in the pipeline and rise in rental homes, capital Economics Inc. analysts predict. Meanwhile, lawmakers and consumer groups are trying to make home ownership more within reach to more families. Watch our video:Home Sales Index Falters in June Remain High on Annual Basis: Responding to higher mortgage rates,
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