Homeownership rate near 13-year low

Homeownership rate near 13-year low

Stricter lending rules and concerns that prices will fall further are keeping some Americans from taking advantage of a 28 percent decline in home values since 2006.

The U.S. homeownership rate in the third quarter was at the second-lowest level in 13 years as borrowers were evicted after foreclosures and the tightest mortgage standards in more than a decade thwarted new buyers.

The ownership rate was 66.3 percent, up from the 13-year low of 65.9 percent in the prior quarter, the U.S. Census Bureau said in a report Wednesday. It was the only gain in two years.

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With home prices and interest rates low, now is still a great time to buy. Check out our Homeownership Simplified section for more information on buying a home in Washington.