Lawler on Housing Vacancy Survey: More "Stunning" Results, But Tough to Interpret

A technical note from housing economist Tom Lawler: Earlier this week the Census Bureau released its " Residential Vacancies and Homeownership " Report (commonly referred to as the Housing Vacancy Survey, or HVS) for the first quarter of 2015, and while the results were not as "eye-popping" as those in the previous quarter, they were nevertheless – if reflective of actual housing trends – stunning. The HVS estimate of the US homeownership rate continued its recent rapid descent last quarter, and the 1.2 percentage point decline over the last four quarters is the largest four-quarter decline......(read more)

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