U.S. homeownership rate plummets

The rate of homeownership in the U.S. fell in the first quarter of 2019 for the first time in two years. The decline signals that the U.S. housing market recovery has likely stalled, with the ownership rate dropping to 64.2% from 64.8%, The Wall Street Journal reports. Younger households transitioning successfully from renting to owning had accounted for previous increases in the homeownership rate, but in recent months youthful buyers have been stymied by a shortage of lower priced housing stock and higher mortgage rates.

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