January 31, 2005
STATEMENT FROM SECRETARY ALPHONSO JACKSON ON RECORD NEW HOME SALES IN 2004
Sales of new single-family homes set a new annual record in 2004. The Census Bureau and HUD released data today showing 1.2 million sales last year. That is 9 percent above the previous record set in 2003 and is the fourth consecutive year for a new annual record.
"This record for new home sales coupled with record sales of existing homes and record homeownership in 2004, shows that housing is really leading the way in our rebounding economy. President Bush is committed to building on these accomplishments so that people from every walk of life can have the opportunity to become homeowners," said Housing and Urban Development Secretary Alphonso Jackson. "The President's housing initiatives are breaking down the barriers and paving the way for more Americans, particularly minorities, to achieve that dream."
Two years ago, the President challenged the nation to create 5.5 million new minority homeowners by the end of this decade. To date, there has been a net increase of 2.2 million minority homeowners, which represents 40 percent of the 5.5 million goal.
In 2005, the Administration will propose legislation that would further boost homeownership by creating a Zero Downpayment Mortgage option in FHA. HUD will also ask Congress to enact a Homeownership Tax Credit that will encourage the production of homes for moderate-income families.
Last year, HUD announced $161.5 million in funding for the American Dream Downpayment Initiative (ADDI), providing down payment and closing costs assistance to 40,000 low-income families a year. In 2004, HUD also announced new adjustable rate mortgage (ARM) products making homeownership available to an additional 40,000 families annually.
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.