Drop in homeownership rate won’t be reversed soon

A steady decline in home sales last year pushed the homeownership rate to a 1½-year low in the second quarter, and we doubt it will recover over the next couple of years. A slowing economy will prevent the recent drop in mortgage rates from boosting housing demand. And, with the homeowner vacancy rate at 40-year lows, even those who are looking to buy will find it a challenge to secure a suitable property.