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U.S. homeownership rate tumbles to record low in second-quarter

Published 07/28/2015, 10:43 AM
Updated 07/28/2015, 10:46 AM
© Reuters. A carpenter carries plywood at a building site of Mid-Atlantic Builders' 'The Villages of Savannah' in Brandywine

WASHINGTON (Reuters) - U.S. homeownership dropped to a record low in the second quarter as more Americans opted to rent, data showed on Tuesday.

The seasonally adjusted home ownership rate fell to 63.5 percent, the lowest since the government started tracking the series, the Commerce Department said. The rate, which peaked at 69.4 percent in 2004, was 63.8 percent in the first quarter.

© Reuters. A carpenter carries plywood at a building site of Mid-Atlantic Builders' 'The Villages of Savannah' in Brandywine

The residential rental vacancy rate fell to 6.8 percent, the lowest level since 1985, from 7.1 percent in the first quarter.

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