Q1 homeownership rate declines.

The percentage of Americans owning their homes fell during the first quarter of 2008, according to the U.S. Census Bureau.

At 67.8 percent, the first quarter's homeownership rate dropped from the first quarter 2007's rate of 68.4 percent, while it was unchanged from the fourth-quarter 2007 rate. When adjusted for seasonal factors, the first quarter's homeownership rate of 67.9 percent was lower than last year's seasonally adjusted rate of 68.5 percent, but not significantly different than the rate of 67.7 percent during the fourth quarter of 2007.

The rate translated into 75.1 million homeowners during the first quarter of 2007, noted the Census Bureau.

By region, the homeownership rate was highest in the Midwest (72 percent), followed by the South (69.7) percent and the Northeast (64.7 percent). The West posted the lowest homeownership rate, at 62.8 percent.

When compared with first-quarter 2007, the homeownership rate in the South was lower than a year ago, while the rates for the Northeast, the Midwest and the West were not statistically different from their corresponding rates last year, according to the Census Bureau.

By race, the homeownership rate for non-Hispanic white householders was highest, at 75 percent. Hispanic householders had a homeownership rate of 48.9 percent, while single-race black householders had the lowest rate at 47.1 percent.

When compared with their respective rates a year ago, the homeownershiprate for single-race black householders was lower, while the rates for non-Hispanic white householders was not statistically different. However, the rate for Hispanic householders, at 48.9 percent, was lower than last year's rate, said the Census Bureau.

The homeownership rate by age of householders was highest for those aged 55 to 64 (80.4 percent) and lowest for those under 35 years of age (41.3 percent), according to the Census Bureau.