Homeownership sinks to lowest level in decades

Homeownership is down significantly recently.According to a report conducted by the Census Bureau, the nation's level of homeownership sank significantly during the second quarter. Furthermore, new data shows the rate may be the lowest in nearly 50 years.The Census Bureau's report found the homeownership rate to be 65.9 percent between April and June – the lowest level on record since the first quarter of 1998. The rate is also well below its peak of 69.2 percent in 2004.However, analysts from Morgan Stanley relayed that the Census Bureau's data does not include borrowers with delinquent mortgages, who are likely to lose their properties soon. When accounting for these homeowners, the rate falls even further, settling at 59.2 percent. This level is the lowest on record by the Census Bureau since 1946.”The combination of falling home prices, limited mortgage credit, continued liquidations, and better rental options is fundamentally changing the way Americans live,” Morgan Stanley analysts said. “We believe this change is only beginning and is moving the country towards becoming a rentership society.”While homeowner rates are falling and vacancies levels are rising, markets with strong job sectors are as heavily affected. Thus, the Houston real estate market has continued to remain steady.Courtesy of 2M Realty News

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