by Bryan Ives –
Homeownership in the U.S. fell to a 17-year low in the first quarter while an increase of Americans opted to rent following the housing collapse. According to the Commerce Department, the seasonally adjusted homeownership rate fell to 65.2 percent, the lowest since the fourth quarter of 1995.
“It’s probably going to drop another point or two over the next three years because there are still a lot of foreclosures. More people are going to become renters going forward,” said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts.