HOME OWERSHIP IS ON THE UPSWING!
According to a recent Census Bureau report, the homeownership rate posted a surprising rise in the third quarter, after falling to a 13- year low during the second quarter.
While it’s still true that foreclosures are still putting the squeeze on some homeowners, and reluctant buyers are still holding off for the proverbial 'bottom'; this third quarter rise is posted as the first rise in two years.
However encouraging, the 0.4 percent increase, which increased the homeownership rate to 66.3 percent for the third quarter, was not large enough to post an annual increase. The current homeownership rate remains at 0.6 percent below the rate recorded in the third quarter of 2010.
In addition, according to the Census report, when the current rate is seasonally adjusted – which brings it to 66.1 percent – it is “not statistically different from the rate last quarter” – an even 66 percent.
“Meanwhile, the homeownership rate remains at a level that suggests America’s love-affair with housing is still on the rocks,” Capital Economics adds. 
The Midwest was the region with the highest homeownership rate, with a rate of 70.3 percent, with the West chiming in with the lowest at 60.7 percent homeownership. The Northeast and South fell respectively in between at 63.7 percent and 68.4 percent.
West Virginia had the highest homeownership rate at 76.1 percent; followed closely by Mississippi with a 70 percent homeownership rate.
The lowest homeownership rates were seen in the District of Columbia with a 44.3 percent rate for the quarter with New York following at 54.4 percent.
Nevada and California – states hard-hit by the housing crisis – were also in the bottom five with homeownership rates of 55.3 percent and 55.9 percent respectively.
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