July 29, 2004
STATEMENT FROM SECRETARY ALPHONSO JACKSON ON NEW RECORD HOMEOWNERSHIP RATE
There are now 73.4 million homeowners in the United States, more than at any time in history. According to Census Bureau second quarter data released today, the new record homeownership rate is 69.2 percent, breaking the previous record of 68.6 percent. This new record is 783,000 more than in the first quarter of 2004 and almost 1.7 million more than in the second quarter of 2003.
Minority homeownership also set a new record with an increase of 0.2 percent in the second quarter. The rate of 51.0 percent means there are now 14.9 million minority homeowners in the United States.
In June 2002, President Bush set a goal to create 5.5 million new minority homeowners by the end of the decade. Since the launch of the President's Minority Homeownership Initiative, there has been a net increase of 1.6 million minority homeowners.
"These numbers combined with news earlier this week of a record sales pace in June for previously owned homes and reports that new home sales were up 11 percent compared to last year, 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.