Homeownership Rate Drops to 1998 Level

``In the first quarter, 66.5% of Americans owned homes, down from 67.2% a year earlier, the Census Bureau reported. The rate last hit this level in 1998... Now, some industry watchers expect the rate to slip below 65%. Housing experts say each 1% decline in the home-ownership rate represents the movement of one million households to rentals. Some people can't buy homes, while others just don't want to... it also seems likely that there has been a reduction in the desire to own a home now it's clear that housing is not a one way bet."''