Home ownership at 20 year low

According to the Commerce Department, home ownership slipped to 63.9%. The peak was 69.4% in 2004. On the flip side, household formation grew to 1.7MM units from 356,000 during the same 4th quarter period of 2013. This growth was fueled by renters but also means good news for home builders. The vacancy rate stands at 7%, the lowest level since 1993.