Per the Wall Street Journal this morning, it looks like the subprime lending crisis is impacting homeownership in a significant way:

New data released by the Census Bureau this month put the share of American households that own their own homes at 68.4% in the second quarter. The homeownership rate, which peaked at 69.4% three years ago, has declined steadily over the last three quarters, on a seasonally adjusted basis. Economists say it could drop further over the next two years. The homeownership rate fell most sharply for blacks. It dropped 3.4 percentage points over the last three years to 46.3% in the second quarter.

One bright spot: vacant homes for sale dropped to 2.04 million in the second quarter from 2.18 million one quarter ago.