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Friday, July 29, 2011

Homeownership drops to 1998 level

Not surprising as people received loans that probably shouldn't been qualfied to get.  Now, with the economy not growing that number will increase.
The U.S. homeownership rate in the second quarter dropped to its lowest level in 13 years, according to the Census Bureau, with analysts expecting even more drops ahead.
The homeownership rate fell to 65.9%, down one percentage point from a year ago. It's the lowest level measured since the first quarter of 1998. Analysts at Capital Economics said this means the homeownership rate built during the housing boom has been "completely wiped out" by its bust.
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