STATEMENT BY HUD SECRETARY ANDREW CUOMO ON RECORD NEW HOME SALES

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo welcomed the announcement by the Commerce Department and HUD today that new home sales hit 893,000 on a seasonally adjusted annual basis in February - the highest monthly rate ever. Sales were 5 percent above January's rate.

Just last week, the National Association of Realtors reported that home resales also hit a new record in February - rising 8.7 percent to a seasonally adjusted annual rate of 4.75 million.

"The record sales of both new and existing homes are a winning combination that is building better lives for American families and strengthening the housing industry," Cuomo said. "These statistics are dramatic evidence that the mighty engine of the American economy - fueled by low interest rates and low unemployment - is transforming homeownership from a dream into a reality for more hard-working families. We are moving closer to our goal of boosting homeownership to a new all-time high, surpassing the record rate of 65.7 percent set in 1997."