The U.S. homeownership rate fell to 65.1% in the second quarter, the Commerce Department reported. The rate is the lowest since 1995. Home prices are on the rise and lending standards are strict, pushing more people toward renting while investors take over more of the housing inventory. "Household formation is going into the rental market," said Julia Coronado, North America chief economist at BNP Paribas. "Investors are buying empty homes and converting them into rental markets, that's who the market is clearing."