The housing industry meltdown in California sharply reversed a trend of steadily increasing homeownership, a new statistical compilation by the Census Bureau reveals.
The result: The percentage of Californians who live in homes that they and their families own dipped to 55.3 percent in 2011, the second lowest rate of any state, just ahead of New York's 53.6 percent.
The current California level is just about where it was during the 1980s and 1990s before climbing to as high as 60.2 percent in 2006, just before the housing market implosion.
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Wow. This is a national trend, but a drop of almost five percentage points is huge. Thanks to Fred Pilot for the link
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