Homeownership Slips to 1998 Rates

The rate of homeownership in America is back down to levels not seen since 1998, according to Census data released Wednesday.

The homeownership rate in the first quarter of 2011 fell to 66.4 percent, down a tick from 66.5 percent in Q4 of 2010. It marks the lowest rate of homeownership since the last quarter of 1998.

After riding the crest of the housing boom through the mid-2000s, the rate of homeownership peaked in the first quarter of 2005, at 69.1 percent. With a few exceptions, prompted in part by federal stimulus programs such as the home buyer tax credit, the rate has since steadily declined.