> Yes, this is true - the figure, at 66.8%, is the highest since the series
> began in 1956. For more, see
> <http://www.census.gov/hhes/www/housing/hvs/q398prss.html>. Homeownership
> rates fell in the 1980s. I think very indulgent mortgages may have
> something to do with this - 5% down, and even less - but I don't know for
> sure. Does anyone?
The figures suggest something dramatic happened in the third quarter to make the record possible. The historic figures are remarkably stable over time -- they've varied between 63 and 66 percent for 30 years. Homeownership reached 66 percent in the second quarter of this years, but it's reach that several times before, and as early as 1977. But between the 2nd and 3rd quarter of this year the homeownership rate jumped 0.8% -- which I think, from eyeballing the chart back to 1965, is the highest one quarter jump in history. (Well, history back to 1965, which is as far back as they've posted.)
I have no idea what this could be. The third quarter doesn't seem in retrospect to be one to inspire a housing boom. But I guess it did?
Michael
__________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com