As Bart Simpson says, "the Wall Street Journal is better than ever." It did take note of the third quarter vacancy data pointing out that the vacancy rate for ownership units is hovering near a record level that is more than 40 percent higher than previous peaks. The NYT and Washington Post gave this release considerably less attention (zero in the Post, as best I can tell). The same report also gives data on homeownership rates. While the WSJ noted the overall decline the real story is the sharp decline in homeownership rates for blacks. This rate has fallen by three full percentage points since its peak in the second quarter of 2004, reversing half of the gain over the last decade. With the subprime crisis rapidly intensifying, and disproportionately hitting blacks and Hispanics, this decline is virtually certain to continue.
--Dean Baker
