Ownership of homes drops to lowest level in over ten years

According to the U.S. Census Bureau, homeownership fell in the second quarter of 2010 to 67%, its lowest level in over ten years. The level of homeownership dipped in the South and West and was lowest in the West with only 61% of all residents owning homes while the Midwest enjoyed the highest homeownership rate at 71%.

While home sales rates are still staggering after the tax credit expiration, vacancies on non-rental units are falling as well (while rental home vacancies remain at 10%).

Nationally, 57% of all housing units were owner-occupied in the second quarter and renter-occupied homes were 28% of all units.

Given that the $8,000 and $6,500 tax credits stimulated the real estate sector this spring, is it surprising that homeownership rates aren’t on the rise, rather they’re declining? Please tell us in the comments what you think of this news.