As The Housing Market Crumbles

Take a look back at Bush grabbing credit for a booming housing market.

Bush in 2004: "Thanks to being the most productive workforce in America, and I might say, thanks to good policies, this economy is strong and it's getting stronger," Bush told supporters.

Noting that 68 percent of Americans own their own homes, Bush said, "Home sales were the highest ever recently. That's exciting news for the country."

Fast-forward to 2008: The housing and mortgage meltdown caused the biggest one-year drop in the rate of homeownership on record, according to government figures released Tuesday.

The Census Bureau report showed that home owners accounted for 67.8% of occupied homes in the fourth quarter, down 1.1 points from a year earlier. It's the largest year-over-year drop recorded in the report. The ownership rate was also well below the 68.2% ownership rate in the third quarter of 2007.

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