(BLOOMBERG) The homeownership rate in the U.S. declined to the lowest in almost 19 years as rising property prices and mortgage rates held back demand.
The share of Americans who own their homes was 64.8 percent in the first quarter, down from 65.2 percent in the previous three months, the Census Bureau said in a report today. The rate is the lowest since the second quarter of 1995, when it was 64.7 percent.
Recovering home prices and mortgage rates that have climbed from near-record lows last May have put real estate out of reach for some would-be buyers. The S&P/Case-Shiller (SPCS20) index of values in 20 cities increased 12.9 percent in February from a year earlier after rising 13.2 percent in the 12 months through January, the group said today.
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