The homeownership rate fell to 66.9% in the second quarter, down from 67.1% in the first quarter, according to the U.S. Census Bureau. This was the lowest level since 1999.
The homeownership rate reached a record high of 69.2% in the second and fourth quarters of 2004.
Rising foreclosures are driving the decline. A record 4.6% of U.S. mortgages were in foreclosure in the first three months of 2010, the Mortgage Bankers Association reported in May.
I couldn't find information on how this compares to our local figures in Hamilton, NJ. I would suspect we would mirror the numbers, though, because our region also has been hard hit by foreclosures and short sale competition.
Homeownership is still a viable investment in Hamilton and Mercer County - you just have to be careful with the property you choose. Contact me to discuss how to purchase a home.
Joe Giancarli
Short Sales Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogspot/josephgiancarli
Source: Bloomberg, Kathleen M. Howley (07/27/2010)
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