DETROIT-A weak demand for housing and rise in foreclosures have prevented the nation's homeownership rate from moving forward. The Census Bureau said that the homeownership rate remained unchanged at 66.6% in Q3 2010 compared to that of Q2.
Nearly 64% of homes in the US were owned by residents for more than a decade. Patrick Newport of IHS Global Insight said that the tight lending standards and foreclosures may force the homeownership rate to go down. For the full story, go to The Detroit Free Press.
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