Posted To: MND NewsWire

The U.S. homeownership rate moved significantly higher in the second quarter of 2020, reaching the highest level since the third quarter of 2008 at a rate of 67.9 percent. The U.S. Census Bureau reported the rate in the first quarter of the year was 65.3 percent and it was 64.1 percent a year earlier. Homeownership topped 69 percent for most of 2004 and into early 2005 before beginning a steadily decline to a low of 62.9 percent in the second quarter of 2016. The year-over-year increase in the second quarter of 2020, 3.8 percentage points, represents 76 percent of the aggregate gain in the rate since that all-time low. The increase was strongest in the South, up from 67.6 the previous quarter to 71.1 percent and a 5.1 percent annual gain. The rate rose 2.1-point year-over-year in the Northeast…(read more)

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Source: Mortgage News Daily