Homeownership Drops to Lowest Rate in 50 Years
The Housing Wire (8/28) reports, "The U.S. homeownership rate is at a 50-year low with another 3.8 million borrowers closer to losing their properties, a report from John Burns Real Estate said Monday. The real estate research firm claims the true homeownership rate is 62.1%, with that number including all borrowers who are 90 days or more delinquent and at high-risk of default." In contrast, the Census Bureau puts the homeownership rate at 65.5%. The firm contends the "Census Bureau greatly overstates the real level of homeownership in the country, as the Census Bureau counts all 3.8 million homeowners who are 90-plus days delinquent on their mortgage as homeowners." The National Mortgage Professional (8/28) also covers the story.
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