The U.S. homeownership rate slipped below 67% in the second quarter to the lowest level since 1999 as foreclosures and high unemployment continue to take their toll on the housing market.
The Census Bureau reported that the ownership rate slipped to 66.9% in the second quarter from 67.1% in the first quarter and 67.4% a year ago.
The 0.5 percentage point decline over the past four quarters means that at least 500,000 Americans have lost their homes or have become renters.
Tuesday's report also shows the homeownership rate for Blacks rose a 0.6% from the first to the second quarter to 46.2%.
However, the homeownership rate for Hispanics fell 0.7% in the second quarter to 47.8% — the lowest level since the second quarter of 2004.
The Census Bureau also reported that the number of vacant homes for sale totaled 1.97 million in the second quarter, up slightly from 1.9 million year ago.
