Homeownership in the United States held at near 18 year lows suggesting the housing
market was still struggling to overcome challenges brought on by the recession.
The seasonally adjusted homeownership rate, the share of households owning a home,
held at 65.1%, the lowest since the fourth quarter of 1995. The rate peaked at 69.4% in
2004. Stubbornly high unemployment and stringent lending practices by financial
institutions have now put the American dreams of owning a home out of the reach
of many residents.
Although the unemployment rate has declined significantly from a peak of 10% in
October 2009, it reamsin at an uncomfortably high 7.2%. About 12.5 million people
are either unemployed, working only parttime despite wanting full-time work or want
a job but have given up the search.
With the share of first-time home buyers well below levels that economists and real
estate professionals consider ideal, there are concerns the higher borrowing costs could
hold the homeownership rate near current lows.
Homeownership was high,amoung peopel 65 years and older but remained low in the
under 35 years age group.
Sheila McKinney
