Homeownership Rate Returns to 2001 Levels

The big gains of the boom years have evaporated.

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The Census Bureau reported yesterday that the national homeownership rate for the fourth quarter fell to 67.5 percent, a level last hit in the first quarter of 2001. "In other words, the much-touted homeownership gains of the entire previous Bush regime are now history. Gone," says Paul Jackson of Housing Wire. "It's amply clear now that the gains of the past eight years were illusory and temporary, created through unsustainable lending practices."