America: land of fewer homes

The U.S. Census Bureau reported that the nation’s homeownership rate fell to 66 percent in the fourth quarter, marking a seven-year drop from a fourth-quarter peak of 69.2 percent in 2004.

February 03, 2012
home, home owner, home ownership, ownership rates

The U.S. Census Bureau reported that the nation’s homeownership rate fell to 66 percent in the fourth quarter, marking a seven-year drop from a fourth-quarter peak of 69.2 percent in 2004, according to USA Today.

Falling homeownership — and prices — reflect the worst housing downturn since the Depression. And while there are signs that the housing industry's downturn may at least be nearing a bottom, the impact of the collapse will be evident for years to come, economists say.

As of November, average U.S. home prices were back to mid-2003 levels, S&P says.

Many economists expect home prices to continue to fall this year and maybe into next year before stabilizing and then showing little or no appreciation for some time.

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