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Wednesday, November 3, 2010

Homeownership at lowest in a decade

By The Associated Press The Associated Press –

HOMEOWNERSHIP LOW: The percentage of homes owned by their occupants remained at 66.9 percent this fall, the lowest level in more than a decade. A rise in foreclosures and weak demand for housing have kept the rate low.

LOWEST SINCE 1990s: The last time the rate was lower was in 1999, when it was 66.7 percent.

REVERSING TREND: For decades, the rate was about 64 percent. It began climbing in 1995. Presidents Bill Clinton and George W. Bush encouraged home buying and the rate hit a peak of more than 69 percent in 2004. The housing market went bust two years later.

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