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Tag Archives: Census Bureau

Homeownership Rate Drops to 13-Year Low

The nation's housing crisis has forced unprecedented numbers of homeowners out of their homes, made for a difficult homebuying environment, and tainted many Americans' ideal of owning a home. These factors are taking their toll on homeownership in this country. The Census Bureau says homeownership in the United States has fallen to its lowest level in more than 13 years, slipping to 65.9 percent in the second quarter. The increase in the homeownership rate seen during the housing boom has been more than completely wiped out by the bust.

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Inventory Overhang Means 6.5M New Households Needed

Experts blame the massive inventory of existing homes on the market for hindering the housing sector's recovery. The overhang has been inflated by large volumes of foreclosures, and it's expected to grow with millions more coming down the pipeline. One economist says it will take 6.5 million new household formations to absorb the excess inventory. He expects it will take five years to achieve that goal and emerge from the self-defeating cycle of oversupply pushing prices down, the negative equity triggering defaults, and in turn, further increasing the oversupply.

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Fannie Mae Sees Modest Improvement Ahead for Housing

Fannie Mae's latest market outlook continues to call for a ""modest improvement"" in housing activity this year, although the prevalence of distressed properties on the market has led to renewed weakness in home prices and the industry's shadow inventory looms large. The GSE's chief economist notes that as the economic recovery approaches its two-year anniversary in June, housing has not yet contributed to economic growth in any meaningful way and is significantly underperforming compared to previous market recoveries.

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Housing Crisis Continues to Batter Nation’s Homeownership Rate

With the housing crisis still taking its toll, the nation's homeownership rate slipped further during the first three months of this year. The U.S. Census Bureau reported Wednesday that the homeownership rate dropped to 66.4 percent at the end of the first quarter. It's fallen back to a level not seen since 1998. Analysis of the numbers shows that the housing bust, elevated foreclosures, and a diminished ""American Dream"" have more than reversed the increase in homeownership gained during the boom.

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Homeownership Levels Lowest Since 1998, More Declines Predicted

Homeownership levels posted Monday by the U.S. Department of Commerce are, at 66.5 percent, the lowest they have been since the fourth quarter of 1998. By contrast the rental vacancy rate decreased 0.9 percent from the rate in the third quarter of 2010, and is the lowest it has been since the first quarter of 2003. Analysts say the nation's homeownership rate is likely to fall further, as evidenced by a combination of weak housing demand and high supply.

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Home Staging May Thwart ‘Mansion Squatting’ in Vacant Homes

According to Showhomes, a nationally franchised network of home stagers, staging a vacant home can keep squatters from moving in, a rising problem in the struggling housing market. A total of 19 million homes were vacant in the first quarter of 2010, reports the U.S. Census Bureau. Squatters are even occupying million-dollar homes in what has been called ""mansion squatting."" Actor Randy Quaid and his wife were recently caught squatting inside a $1 million property they previously owned in Southern California.

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Homeownership Rate in U.S. Holds at 11-Year Low

The nation's homeownership rate held steady at 66.9 percent during the third quarter. With foreclosures still mounting, bank repossessions at an all-time high, and many consumers abandoning the idea of the ""American Dream,"" homeownership is at its lowest mark since the end of 1999. Renting is not only gaining ground as the most practical means of housing for a larger number of consumers, but some say it could be the answer to keeping millions of struggling borrowers in their homes and stabilizing foreclosure-ridden communities.

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U.S. Homeownership Rate Falls to Lowest Level Since 1999

The nation's foreclosure crisis and economic pressures, such as rising unemployment, continue to batter the U.S. housing market, as evidenced by the latest figures from the Census Bureau on homeownership rates. Data released by the federal agency Tuesday shows that the U.S. homeownership rate dropped to 66.9 percent during the second quarter of this year, hitting its lowest mark in more than 10 years.

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Minnesota Bank Shuttered by Regulators

Multiple bank closures have become commonplace on Friday evenings, but last week, regulators shut the doors on just one institution-1st American State Bank of Minnesota. The bank operated two local branches in Hancock, with $16.3 million in deposits and $18.2 million in total assets. It was acquired by Community Development Bank, also in Minnesota.

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