U.S. homeownership rate drops to 15-year low in Q1

WASHINGTON (Reuters) - The share of privately owned U.S. homes fell to a 15-year low in the first quarter, government data showed on Monday, suggesting that falling house prices are discouraging Americans from owning homes.

The homeownership rate slipped to 65.4 percent, the lowest level since the first quarter of 1997, the Commerce Department said. The rate was at 66.0 percent in the fourth quarter.

(Reporting by Lucia Mutikani; Editing by James Dalgleish)