Home ownership falls to lowest level in 11 years

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- The number of Americans who own homes fell in the second quarter of the year to the lowest level since 1999, said a government survey released Tuesday.

The Census Bureau said the home ownership rate fell to 66.9% in the second quarter of 2010, down half a percentage point from the previous year. The home ownership rate was 67.1% in the first quarter of the year.

In the second quarter rates were highest in the Midwest, where 70.8% of people are homeowners, and lowest in the West, where 61.4% of people own.

Rates in the South and West were lower than a year ago, while the Northeast and Midwest stayed the same.

Vacancies: The vacancy rate in non-rental units also fell in the second quarter, to 2.5%. Meanwhile, the vacancy rate in rental homes stayed steady at 10.6%.

Almost 86% of U.S. homes were occupied in the second quarter, with owner-occupied housing comprising 57.3% of all housing units. Renter-occupied homes were 28.3% of all units.

A separate report released Tuesday, the Case-Shiller index, showed home prices rose 1.3% in May compared with the previous month. To top of page


Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.30%4.25%
15 yr fixed3.29%3.32%
5/1 ARM3.45%3.63%
30 yr refi4.27%4.20%
15 yr refi3.26%3.24%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,113.54 61.81 0.36%
Nasdaq 4,456.02 31.32 0.71%
S&P 500 1,983.53 9.90 0.50%
Treasuries 2.47 -0.01 -0.32%
Data as of 11:32pm ET
Company Price Change % Change
Bank of America Corp... 15.52 0.00 0.00%
Apple Inc 94.72 0.78 0.83%
Microsoft Corp 44.83 -0.00 -0.01%
Intel Corp 34.79 0.73 2.14%
Facebook Inc 69.27 -0.13 -0.19%
Data as of 4:03pm ET

Sections

Passion fruit, Mexican cinnamon and Ecuadorian cocoa. From coast to coast, entrepreneurs are brewing craft beers that incorporate Latin flavors. More

One recently retired airline worker on Obamacare said his tax credit for 2014 will return him $3,600 for the year, or 23% of his annual income. He's watching the dueling court rulings closely. More

Ladar Levison, the guy behind Lavabit, is launching Dark Mail to encrypt emails so the NSA doesn't even know who's talking. More

Passion fruit, Mexican cinnamon and Ecuadorian cocoa. From coast to coast, entrepreneurs are brewing craft beers that incorporate Latin flavors. More

Court documents show big support from Detroit employees and retirees for a turnaround plan that should help the city emerge quickly from bankruptcy. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.