STATEMENT BY HUD SECRETARY ANDREW CUOMO ON RECORD NEW HOME SALES

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo welcomed the announcement by the National Association of Realtors today that home resales hit a new record in March, rising 2.5 percent to a seasonally adjusted annual rate of 4.89 million units.

Cuomo said:

"Low mortgage interest rates, high employment and high consumer confidence in a prosperous future have combined to bring about the highest rate of existing home sales in 30 years. The mighty engine of the American economy continues to move us toward a new record homeownership rate this year, transforming the American Dream of homeownership into an American reality for growing numbers of families."