U.S. homeownership rate falls to 19-year low in 2nd quarter

WASHINGTON, July 29 Tue Jul 29, 2014 10:16am EDT

WASHINGTON, July 29 (Reuters) - Homeownership in the United States hit a 19-year low in the second quarter as financially squeezed Americans opted to rent, pointing to a sluggish housing market recovery.

The seasonally adjusted homeownership rate fell to 64.8 percent, the lowest level since the second quarter of 1995, the Commerce Department said on Tuesday.

The rate, which peaked at 69.4 percent in 2004, was 65.0 percent in the first three months of 2013. (Reporting by Lucia Mutikani; Editing by James Dalgleish)