Lewis W. Diuguid

Expect home buyers to lift depressed home ownership rate

Updated: 2013-05-02T00:02:35Z

By Lewis W. Diuguid

The Kansas City Star

The Great Recession and the long climb out had depressed U.S. home ownership rates.

Blame it on the foreclosures, joblessness, devastating equity losses and people abandoning homes that had gone underwater in which folks owed more on the places than they were worth.

It all combined to cause home ownership rates to fall to the lowest level in nearly 18 years, Bloomberg.com reports.

The Census Bureau reports that 65 percent of Americans owned their homes in the first quarter, down from 65.4 percent a year earlier.

But that also is why home building has rebounded and buyers are back in the market, snatching up what sellers are offering. The Great Recession suppressed the demand.

That appears to have returned and continues to show increasing signs of recovery.

To reach Lewis W. Diuguid, call 816-234-4723 or send email to ldiuguid@kcstar.com.

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