The second quarter of 2010 proved to be the most brutal time period in home ownership in a decade. Bloomberg News recently reported that 18.9 million homes were vacant in that period. The U.S. Census Bureau reported that the home ownership rate — that is, households that own their own residence — was 66.9 percent, the lowest level since 1999. That is down from the previous quarter of 67.1% and a record-high level of 69.2% in the fourth quarter of 2009.

The Census Bureau further reported that 3.7 million homes were vacant in the second quarter of this year as the result of foreclosures, up from 3.5 million in the first quarter of 2010. Two million empty homes were for sale in the second quarter.

In Q2 2010, a record 269,962 homes were seized as homeowners went into foreclosure, according to a report from RealtyTrac. The California-based data company goes on to say that foreclosures will probably top the 1 million mark before the end of the year.

More bad news: the Mortgage Bankers Association report from May 19 showed a record 4.6% of mortgages in foreclosure and 14% as the result of foreclosures and home loan delinquencies.

The economy and the elimination of the federal tax credit could be attributed to the decline in home ownership. It’s been said that owning a home is the American dream, but that dream has since become more unattainable.