Homeownership rates increased for virtually all racial and ethnic groups, income groups, regions, and rural and urban areas during the 1990s. This study examines changes in homeownership rates at the neighborhood level (defined as the census tract) to determine the distribution of homeownership gains across neighborhoods. It explores the characteristics of census tracts where homeownership increased the most, as well as those where there was little change or absolute decline. It also identifies the characteristics of neighborhoods where minority homeownership increased. In addition, the study examines changes in homeownership in underserved areas, in light of the fact that government sponsored enterprises (GSEs) were charged in the early 1990s with increasing access to mortgage credit in these areas. The data set used in this analysis is the Neighborhood Change Data Base (NCDB), which allows the study of changes in neighborhoods over time by reporting data from the 1970, 1980 and 1990 decennial censuses, using 2000 census tract definitions.