Bloomberg by the Numbers: 65%

Photograph by Jonathan Alcorn/Bloomberg

Gina Labellarti, a realtor with Coldwell Banker Dynasty TC, left, speaks with a potential homebuyer during an open house in Arcadia, California, on July 21, 2013.

That’s the home-ownership rate in the second quarter, according to Census Bureau data.

The rate was unchanged from the first quarter and is at its lowest level since the third quarter of 1995. The homeownership rate hit a record high 69.2 percent in 2004.

“Lawmakers currently shaping housing finance are seeking to reduce the government’s role in keeping rates affordable for riskier borrowers while ensuring homeownership is within reach of minorities and first-time buyers who could be needed to sustain the housing recovery as borrowing costs rise from record lows,” Bloomberg’s Prashant Gopal and Clea Benson reported.

Another report showed the housing market gaining momentum. The S&P/Case-Shiller index of residential real estate prices in 20 cities “rose 12.2 percent from May 2012, the biggest 12-month gain since March 2006,” Bloomberg’s Alexandria Baca reported.

Home prices rose on an annual basis in all 20 cities, ranging from a 3.3 percent increase in New York to 24.5 percent in San Francisco.

“The reality is, markets are very local; however, we’re seeing a broad-based recovery” across the country, Rick Davidson, president and chief executive officer of Century 21 Real Estate LLC, said on Bloomberg Television.

 

What do you think about this article? Comment below!