Homeownership rate lowest in a decade

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The percentage of households that owned their home hit its lowest level since 1999. The rate for the July-September quarter remained unchanged at 66.9%. Homeownership reached its peak in 2004, with more than 69% of households owning their home.

November 05, 2010

The percentage of households that owned their home hit its lowest level since 1999, the AP’s Alan Zibel reported. The rate for the July-September quarter remained unchanged at 66.9%.

The last time the rate was lower was in 1999, when it hit 66.7%. Homeownership reached its peak in 2004, with more than 69% of households owning their home.

Analysts tend to agree that the Clinton and Bush administrations placed too much emphasis on homeownership.

“The consensus is, in a lot of cases, it just makes sense for a lot of people to rent,” said Patrick Newport, an economist at IHS Global Insight.

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