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A ''for sale'' sign is seen outside a home in New York June 19, 2012.
Credit: Reuters/Shannon Stapleton
WASHINGTON | Fri Jul 27, 2012 10:33am EDT
WASHINGTON (Reuters) - The share of empty homes for rent fell to its lowest level in a decade during the second quarter, a troubling sign for many Americans whose budgets have been strained by rising rents.
The residential rental vacancy rate declined to 8.6 percent from 8.8 percent in the January-March period, the Commerce Department said on Friday. The second-quarter reading was the lowest since 2002.
The homeowner vacancy rate dropped to 2.1 percent, the lowest since the first quarter of 2006, from 2.2 percent in the first quarter, the Commerce Department said.
The homeownership rate edged up to 65.5 percent from 65.4 percent in the first quarter.
(Reporting by Jason Lange; Editing by Eric Walsh)
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