Tuesday, November 5, 2013 - Article by: Richard Airey - First Financial Mortgage -
The U.S. Census Bureau reported this morning that the homeownership rate in the U.S. in the 3rd quarter was at 65.3%, up from 65.0% in the first two quarters. The rate peaked at 69.2% in 2004 and the 65% was the lowest since 1995.In economic news, the ISM Service Index increased to 55.4% in October, up from the 54.4% registered in September and above the 54.4% expected. The numbers signal continued growth at a faster rate in the service sector. The employment component rose by 3.5% to 56.2%, indicating growth in employment for the 15th consecutive month. Readings above 50% signals expansion.CoreLogic reported today that its Home Price Index, which includes distressed sales, rose by 12% from September 2012 to September 2013 and was the 19th consecutive month of year-over-year home price gains. From August to September, home prices rose 0.2%. In the bigger picture, home prices are still 17.4% lower than the April 2006 peak.
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