Homeownership rate shrinks back to 1998 levels
The new numbers are the latest bit of bad data on the housing market, which continues to drag through the fledgling economic recovery.
The homeownership rate dropped 0.4 percent in the fourth quarter of last year from the third quarter, and is 0.7 percent lower than at the same time in 2009.
The Midwest enjoyed the highest rate of homeownership in the fourth quarter of 2010, with a 70.5 percent rate. The Western region of the country had the lowest rate, 61 percent. However, three of the four national regions reported declines, with only the Northeast holding steady from the third to fourth quarter.
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