Calculated Risk has a graph which shows Homeownership Rate: Cliff Diving.
What this means is that the home ownership rate today is back to where it was in, say, 2001 and still falling.
In other words, most of the million or so families who have been foreclosed on this year are not buying new homes — how could they get the credit? — but renting (if they can pass the credit check for that!) or moving in with family. Or living rough? (Or is that what comes next?)