July 26, 2004
STATEMENT FROM SECRETARY ALPHONSO JACKSON ON RECORD SALES OF EXISTING HOMES IN JUNE
For the second month in a row, sales of previously owned single-family homes rose to the highest monthly pace on record. The National Association of Realtors reports June sales increased 2.1 percent to an annual rate of 6.95 million units, compared to the previous record of 6.81 million units that was set in May. The June numbers also represent an increase of 17.4 percent from June of last year.
"These numbers show that housing still leads the way in our rapidly recovering economy. The Bush Administration is committed to building on these accomplishments by breaking down the barriers and making it easier for more families to realize the dream of homeownership," said Housing and Urban Development Secretary Alphonso Jackson. "The President's housing initiatives will pave the way for more Americans, particularly minorities, to achieve that dream."
Last month, HUD announced $161.5 million in funding for the American Dream Downpayment Initiative (ADDI), to provide down payment and closing costs assistance to 40,000 low-income families a year. In March, HUD announced new adjustable rate mortgage (ARM) products that will make homeownership available to an additional 40,000 families annually. And in January, HUD announced the FHA Zero Down Payment Initiative which, with the support of Congress, could generate an additional 150,000 homebuyers in its first year.
Other Administration proposals aimed at increasing the production of affordable housing and helping more low-income, minority families become homeowners include: $78 million increase for the Department's HOME Investment Partnerships Program, which will boost the supply of housing that is affordable to low-income families. HUD is requesting also an additional $5 million for housing counseling to help thousands more low-income individuals and families find and maintain homes.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.