It is starting to look like homeownership rates are stabilizing. Here are the quarterly homeownership rates, by age, from the Census Bureau. (Under 35 is on the right hand scale. Others on the left.)
Each age group has an ownership rate about an average of 4% below the 1994 levels - and from about 5% to 10% below the 2004 highs. 1994 was a secular low point in ownership, so homeownership rates are basically 4% below any HUD era levels, once you adjust for age. That would be all well and good if it was by choice, and not due to a national dislocation.
But, on the bright side, it looks like this might be the bottom. A baby step toward normalization.