STATEMENT BY SECRETARY CUOMO ON RECORD NEW HOME SALES

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today issued the following statement in response to the announcement by HUD and the Census Bureau that new home sales in June set a new record with 935,000 homes sold at a seasonally adjusted annual rate(SAAR). This is 3.8 percent ahead of the revised May level of 901,000 (SAAR) and 15 percent ahead of June last year.

Cuomo said: "The record sale of new homes dramatically illustrates how the mighty engine of America's growing economy is creating more homeowners and more jobs for American workers in the building and real estate industries. This is another strong indicator that America's homeownership rate, already at a record high of 66 percent, will continue rising, giving increasing numbers of families the opportunity to improve their living conditions and increase their financial security. Once again, we have clear and indisputable evidence that President Clinton's successful economic policies are having a major impact on improving Americans' lives."