Falling real estate prices are still eating away at the equity in U.S. homes.

The Federal Reserve announced Thursday that the percentage of their homes that Americans own has hit its lowest level since World War II.
   
Average homeowners own just 38 percent of their homes, compared to 61 percent a decade ago.
    
Home equity usually goes up as people pay off their mortgages.  But falling home prices mean Americans are losing value in their homes even as they reduce their mortgage debt.