American level of homeownership fell to pre-boom levels in the second quarter of the current year, achieving 65.9 percent for the first time since 1998, as the Census Bureau reveals. The drop came amid the highest number of foreclosures in the American history with a prediction for a growth in foreclosures over the rest of 2011.
The decline in homeownership rate figures has been factually consistent since owning a home pointed in late 2004, and is predicted to keep on to fall by real estate specialists over the following several years.
The homeownership rate of 65.9 percent was one percent lower compared to the same quarter of 2010 and a half percentage point less than the rate of the first quarter of this year. The tendency shows that creative lending practices and political efforts to raise the number of property holders combined to make a harmful recipe for the economic health of the country.
The homeowner vacancy rate in cities (2.9 percent) was higher than in suburbs (2.4 percent), whereas homeowner vacancy rate in the South was more common than in the North-East with 11.4 percent of residential units being vacant in the Southern part of the nation, and only 6.8 percent in the north-eastern region. The homeowner vacancy rate in the Mid-West was 10.3 percent during the second quarter.
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