STATEMENT BY HUD SECRETARY ANDREW CUOMO ON INCREASED NEW HOME SALES

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today issued the following statement on the Commerce Department announcement that sales of new homes rose 10.3 percent in January.

"Today's report of strong new home sales shows that President Clinton's economic policies are continuing to transform the American Dream of homeownership into a reality for more families. The nation's homeownership rate hit the highest level in American history in 1997 - 65.7 percent - and is moving toward new records. This is good news not just for new homeowners, but for the millions of Americans whose jobs depend on the construction and sale of new homes."