Dino
Russian Asset
In January 2015, it was reported we hit a 20 year low. He finds a way to one-up such nonsense.
Updated at 1 p.m.
WASHINGTON • U.S. homeownership dropped to a 35-year low in the second quarter as more Americans opted to rent, but the decline in ownership was probably close to running its course against the backdrop of a tightening labor market.
The seasonally adjusted homeownership rate fell to 63.5 percent, the Commerce Department said on Tuesday. This is the lowest for the seasonally adjusted series which started in 1980.
The unadjusted series goes back to 1965. The drop in ownership underscores the damage inflicted on housing by the recession and the economy's subsequent slow recovery from the downturn.
"The trend is not going to continue. We think that the homeownership rate is close to bottoming out, but we don't expect it to start rising substantially before 2017," said Andres Carbacho-Burgos, a senior economist at Moody's Analytics in West Chester, Pa.
The homeownership rate peaked at 69.4 percent in 2004. It was at 63.8 percent in the first quarter. Carbacho-Burgos cited a tightening labor market as one of the main reasons to be optimistic about housing.
http://www.stltoday.com/business/local/u-s-homeownership-hits-year-low-renting-in-vogue/article_c1e4d614-8f8f-5e1a-aa1b-fb069f9bf9da.html
Updated at 1 p.m.
WASHINGTON • U.S. homeownership dropped to a 35-year low in the second quarter as more Americans opted to rent, but the decline in ownership was probably close to running its course against the backdrop of a tightening labor market.
The seasonally adjusted homeownership rate fell to 63.5 percent, the Commerce Department said on Tuesday. This is the lowest for the seasonally adjusted series which started in 1980.
The unadjusted series goes back to 1965. The drop in ownership underscores the damage inflicted on housing by the recession and the economy's subsequent slow recovery from the downturn.
"The trend is not going to continue. We think that the homeownership rate is close to bottoming out, but we don't expect it to start rising substantially before 2017," said Andres Carbacho-Burgos, a senior economist at Moody's Analytics in West Chester, Pa.
The homeownership rate peaked at 69.4 percent in 2004. It was at 63.8 percent in the first quarter. Carbacho-Burgos cited a tightening labor market as one of the main reasons to be optimistic about housing.
http://www.stltoday.com/business/local/u-s-homeownership-hits-year-low-renting-in-vogue/article_c1e4d614-8f8f-5e1a-aa1b-fb069f9bf9da.html