Working families see little hope for homes

The San Diego-Union Tribune reports:

Despite more than five years of sometimes frenzied home buying, a broad range of American middle-class families have not improved their homeownership levels and Californians have fallen even further behind, two reports concluded yesterday.

The National Housing Conference and its Center for Housing Policy, based in Washington, D.C., said homeownership stands at an all-time high of nearly 70 percent nationwide.

But for working families with children that earn up to 120 percent of the median income (up to $77,900 for a family of four in San Diego), only 59.6 percent owned their own homes in 2003, compared with 62.5 percent in 1978.

As we've said before,all this government interventions in the real estate market haven't helped working people.No wonder California and New York have such low homeownership rates.