Homeownership Rate Hits Low Not Seen Since 2000

The U.S. homeownership rate fell to 67.2% in the fourth quarter from 67.5% a year ago with foreclosures and a low level of home sales whittling down the percentage of homeowners to roughly a 10-year low, according to new figures from the Census Bureau. The last time the homeownership rate fell below 67.2% was in the first quarter of 2000. The high water mark for ownership came in the fourth quarter of 2004 when the rate was 69.2%. A percentage point decline in the rate represents 1.1 million owner-occupants losing their homes. The rate for blacks ended the year at 46%, down from 46.8% in the fourth quarter of 2008. Hispanics ended the year with a 48.4% homeownership rate, down from 49.6% a year ago. The Census Bureau also reported that the number of vacant homes for sale rose to 2.09 million in the fourth quarter from 1.99 million in the third quarter. Meanwhile, the number of vacant homes for rent fell to 4.47 million in the fourth quarter, from 4.59 million in the third quarter.