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U.S. HOMEOWNERSHIP RATE CONTINUES CLIMB
TOWARD RECORD HIGH 65.6 PERCENT RATE REFLECTS
4.5 MILLION NEW HOMEOWNERS SINCE '93
WASHINGTON -- The U.S. homeownership rate for the 3rd quarter of 1996 climbed to 65.6 percent of all households, continuing the longest uninterrupted expansion of homeownership in 30 years and reaching the highest quarterly rate in 15 years, the Clinton Administration announced today.
That rise also means a record 66.3 million American households now own their own homes. Since President Clinton entered office, 4.5 million new homeowners have been created.
"The 3rd quarter rate is just two-tenths of a point below the all-time quarterly record of 65.8 percent," said Housing Secretary Henry G. Cisneros. "We are in the midst of an unprecedented period of growth in homeownership. Because of the strong economy, millions of Americans are achieving their dreams, buying homes, and fueling greater growth in the economy, from construction jobs to increased sales of building supplies, appliances and home furnishings."
Dr. Laura D'Andrea Tyson, the President's National Economic Advisor, said, "This is more evidence that confirms the wisdom of the President's economic policies. The President's economic plan is working for more and more Americans every day: 10.5 million new jobs, rising incomes, and low interest rates have helped bring the American dream of homeownership to millions of new homeowners."
Cisneros also announced additional steps HUD will be taking to raise the homeownership rate including:
Cisneros said that the new homeownership rates are evidence that the President's deficit reduction plan, a strong economy, low interest rates and the National Homeownership Strategy are working. A 58-member coalition, the National Partners in Homeownership, including the housing, real estate and mortgage banking industries, non-profit community groups and governmental entities, is working to help Clinton's strategy succeed.
The partners and HUD have launched initiatives to make buying a home more affordable, faster and easier. Partners are creating targeted loan programs that offer lower down payments and closing costs. The secondary mortgage markets are introducing new technology and simplification in loan underwriting. And the homebuilding industry is working to lower the costs of housing.
The Clinton Administration has helped thousands of Americans buy homes by reducing closing costs on Federal Housing Administration loans by up to $1,000 and cutting the time needed to process FHA insurance certificates from two months to two days.homeowners - by the end of the year 2000.
The Partnership works to increase the homeownership rate by reducing the costs of buying and owning a home, simplifying the homebuying process, and expanding opportunities for homeownership to typically underserved communities, including women, African- Americans, Latinos, Asians, and young, first-time homebuying families.
Content Archived: January 20, 2009