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Thursday, July 14, 2011

U.S. homeownership rate could fall further

The U.S. homeownership rate could fall another one to two percentage points if credit conditions and the economy remain in the same crisis mode exhibited in 2009, the Mortgage Banker's Association said Thursday.
The present-day homeownership rate of 66.4% is in line with historic norms after falling from a 2004 peak of 66.4%, the MBA Research Institution for Housing America concluded in a new study.
The report says the 2004 peak was driven by access to cheap credit and a willingness on the part of more buyers in their 20s and 30s to assume higher levels of debt and financial risk when acquiring homes.
Post-crash homeownership rates are now at 2000 levels, the report said.
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