CUOMO SAYS RECORD NEW HOME SALES INDICATE HOMEOWNERSHIP HEADED TOWARD NEW RECORD

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo issued the following statement in response to a report issued today by HUD and the Commerce Department that said sales of new homes rose to a seasonally adjusted annual rate of 890,000 in May - the highest on record:

"Today's report is another sign that the strong performance of our nation's economy is directly and dramatically improving the lives of American families. The record new home sales are a clear sign that the homeownership rate is rising, and appears likely to shatter the record of 65.7 percent set in 1997. President Clinton's economic policies are paying off for the American people."