Mortage Rates

Startling new housing data released this week could take the pep out of President Obama’s blitz of economic rallies, as they show homeownership dropping despite the push — by him and his predecessors — to prop up the market.

The new Census figures show homeownership dropped in the second quarter to an 18-year low of 65 percent. The rate, which hit a record 69.2 percent in 2004, has now fallen to its pre-housing bubble days nearly two decades ago.

The president, on the heels of the report, plans to head to Phoenix on Tuesday for a homeownership-themed stop on his multi-city tour — part of his recent pivot back to the economy.