Realtors say homeownership rate is too low

(Getty Images)

(Getty Images)

The U.S. homeownership rate edged up slightly to 63.5 percent in the third quarter, a level barely above the recent 50-year low.

“Those numbers represent a trend that’s pointing in the wrong direction,” Bill Brown, a California broker and president of the National Association of Realtors, said Friday in Orlando.

Brown is pushing for looser lending restrictions, along with credit scoring models that favor renters.

Brown didn’t say what he considers a healthy level of homeownership, although he did say the boomtime record of nearly 70 percent wasn’t sustainable.

“You can’t use that as a benchmark,” he said.

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