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CUOMO SAYS NEW HUD REPORT SHOWS STRONG HOUSING SECTOR
WASHINGTON -- Housing and Urban Development Secretary Andrew Cuomo said a new HUD report issued today shows the housing sector was strong in the first half of 1997.
"The trend of rising homeownership and strong housing starts is moving forward," Cuomo said. "Homebuyers and the housing industry have benefited from President Clinton's economic policies, which are holding down interest rates, increasing employment, boosting consumer confidence and balancing the federal budget."
The new HUD report -- called U.S. Housing Market Conditions (was linked to www.HUDuser.org) -- takes a close look at housing statistics for the second quarter of this year (April, May and June) and contains information about the performance of the national housing industry, regional housing markets and historical data for all major indicators of housing.
The report was released on the same day the Census Bureau reported that July housing starts remained at the same strong level as June -- a seasonally adjusted annual rate of 1,447,000.
The Census Bureau reported that the July rate for starts of single-family homes rose to 1,141,000 -- a 3 percent increase from the previous month.
Cuomo announced in July that the U.S. homeownership rate rose to 65.7 percent in the second quarter of 1997 -- the highest quarterly rate in nearly 17 years. As a result, 67.1 million American households now own their homes -- the highest number in U.S. history and an increase of 5.3 million since President Clinton took office in 1993.
The new HUD report showed that in the second quarter of this year: