Home Vacancy Rate Drops to Seven-Year Low

The home vacancy rate dropped to its lowest level since 2005 during the third quarter, according to data released by the Commerce Department. The homeownership rate, however, remained unchanged from the previous quarter. “Even with the housing recovery well under way, the share of Americans who own their own home remains more or less at a 16-year low,” said Paul Diggle, property economist at Capital Economics, according to Reuters. “This fact is a reminder that, to date, the recovery still owes a lot to investor demand.” See the full article here.