Homeownership News Mixed for Minorities

The homeownership rate for Hispanics finally hit 50% in the fourth quarter, while the homeownership rate for blacks declined to 48.0%, according to the U.S. Census Bureau.The Census Bureau reported that 50.0% of Hispanic households now live in their own homes, up from 48.9% in the fourth quarter of 2004. However, the fourth-quarter report also shows that the homeownership rate among blacks fell to 48.0% from 49.1% in the same quarter of 2004. Housing Secretary Alphonso Jackson recently said 2 million minority families have purchased homes in the past two years. Overall, the U.S. homeownership rate ended 2005 at 69.0%, down from 69.2% in the fourth quarter of 2004.