Panel named to revive home-owning prospects

President Reagan has named a 22-member commission to try to find a way to revive a longtime American dream -- owning a home. It will present him and Samuel R. Pierce Jr., secretary of housing and urban development, with a list of options within four months. From this, the administration will try to build a housing strategy that Mr. Pierce said will "deliver housing at a cheaper cost" and make home ownership more practical, "particularly for young couples who have never owned a home before." William McKenna, a Los Angeles lawyer, will head the commission, which includes former HUD officials , housing developers, and industry experts.