"This is probably one of the untold stories -- success stories -- in the American economy. Right now the homeownership rate among American households is close to 70 percent. Seventy percent of American households almost own their own home," says Dr. Walden, a specialist with the North Carolina Cooperative Extension Service. "Sixty years ago, back in the 1940s, it was 40 percent. So we have seen dramatic progress in the homeownership rate.

"The biggest gains," he adds, "have been made for African American households (and) Hispanic American households. And, of course, one of the questions is why. Why are we seeing these big homeownership gains?

"Well, I think several reasons: one, lower interest rates, particularly over the past 20 years," he adds. "There’s also developed a secondary market for purchasing mortgages, so that’s making it more attractive for lenders to push home mortgages. Expansion of tax benefits for homeowners. And then various kinds of homeownership programs.

"So clearly homeownership is ruling in the U.S."