U.S. Home Ownership Rate Falls to 7-Year Low

The number of Americans who own their own home fell to a seven-year low in the fourth quarter of 2008 compared to a year ago, the Census Bureau reported Wednesday.

The rate of home ownership fell to 67.5% in the fourth quarter, down from 67.8% during the same quarter a year ago. The report also said 2.9% of homes, excluding rental properties, were vacant and on the market, up slightly from 2.8% a year ago.

Home ownership in the U.S. peaked at a rate of 69.2% in 2004, at the height of the real estate boom.

By Stephen Huebl and edited by Sarah Sussman
©CEP News Ltd. 2009