United States Homeownership Rates Down in Third Quarter 2007

According to a United States Census Bureau press release made public on October 26, homeownership rates in the United States were down during the third quarter, posting a drop since the third quarter in 2006. These figures are not surprising, especially in light of the recent rise in foreclosure rates over the past year.

The statistics in the Census Bureau's press release indicate the following: In the third quarter of 2006, the homeownership rate in the United States was 69.0 percent. In the fourth quarter of 2006, the rate had tipped down to 68.9%. By the first quarter of 2007, the homeownership rate fell to 68.4%, and in the second quarter of 2007, the rate slipped to 68.2% 2007 third-quarter data shows the rate has remained at 68.2%. What this points to is a 0.8 percentage-point drop in homeownership over the past year. This represents the largest third-quarter to third-quarter percentage point drop in homeownership rates since this particular data was collected by the United States Census Bureau in 1981.

While homeownership in the United States continues to remain higher than in the 1980s and 1990s, the data suggests that the recent real estate market troubles and increase in foreclosures over the past year may be threatening gains made in the homeownership rate over recent years.