US Home Ownership Hits 12-Year Bottom

By: EW News Desk Team   Date: 5 February 2011

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EW News Desk Team

Always on the look out for the latest news to monitor the state of the world economy.

EconomyWatch, News Desk Team

 

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05 February 2011

So what’s happened in the US property market since the mortgage-based derivatives meltdown in 2008?

An even smaller percentage of Americans own their own homes today than at any time since 1998

when homeownership sat at a low 66.5 percent.

Back in 2004, homeownership reached 69 percent, an all-time high.

The home ownership gap between white and minority households is creeping up to 30 percent – the highest it’s ever been –  

while the national homeownership rate fell to 66.6 percent last year, according to the Census Bureau.

Only 44.8 percent of African American households own their own homes, down from 48 percent in 2007 –

and 46.8 percent among Hispanics, down from 50.1 percent in 2007,

while Non-Hispanic Whites have a homeownership rate of 74.2 percent.

Since the 2007 peak in national homeownership rates,

the gap between white and minority homeownership increased significantly:

-2.1 percent increase in 3 years between Black and Whites

-2.2 percent increase between Hispanics and Whites.

The West recorded homeownership rate at 61 percent, and 70.3 percent in the Midwest –

where there were more foreclosures than other regions of the nation during the Financial Crisis.

Read the full report on Real Estate Economy Watch.


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