LA Real Estate Advice: Home Ownership Falls to Lowest Level in 11 Years
Posted by Clinton Wade on Jul 27, 2010
Westside LA Real Estate Advice: The number of Americans who own homes fell in the second quarter of the year to the lowest level since 1999, said a government survey released Tuesday.
The Census Bureau said the home ownership rate fell to 66.9% in the second quarter of 2010, down half a percentage point from the previous year. The home ownership rate was 67.1% in the first quarter of the year.
In the second quarter rates were highest in the Midwest, where 70.8% of people are homeowners, and lowest in the West, where 61.4% of people own.
Rates in the South and West were lower than a year ago, while the Northeast and Midwest stayed the same.
Vacancies: The vacancy rate in non-rental units also fell in the second quarter, to 2.5%. Meanwhile, the vacancy rate in rental homes stayed steady at 10.6%.
Almost 86% of U.S. homes were occupied in the second quarter, with owner-occupied housing comprising 57.3% of all housing units. Renter-occupied homes were 28.3% of all units.
A separate report released Tuesday, the Case-Shiller index, showed home prices rose 1.3% in May compared with the previous month.
Source: CNNMoney.com
