THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, October 23, 1996 TAG: 9610230650
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: STAFF AND WIRE REPORT
LENGTH: 36 lines
More Americans own homes than ever before, an increase President Clinton quickly sought to turn to his political advantage.
``My administration has worked hard to help more Americans own their own homes,'' Clinton said in a statement, citing the economy, lower interest rates and efforts to cut closing costs.
``This is an important overall indication of the health of the economy,'' said Laura D'Andrea Tyson, the president's national economic adviser. With just two weeks until election day, the administration reported that home ownership has climbed to 65.6 percent of U.S. households.
In Hampton Roads, the home ownership rate was 69.3 percent, slightly lower than Virginia's overall rate of 69.7, the administration reported.
The national figure, for the third quarter of this year, is the highest quarterly rate in 15 years and the second highest on record, Housing Secretary Henry Cisneros said.
Clinton's statement was distributed moments after a White House briefing on a report usually issued by the Department of Housing and Urban Development.
Cisneros said 66.3 million households owned their own homes in the second quarter of this year, up from 66.1 million the previous quarter.
He said black homeowners increased from 5.3 million to 5.4 million and Hispanic owners from 3.57 million to 3.62 million.
The home ownership rate of 65.6 percent trails only the record 65.8 percent rate set in 1981, Cisneros said.
Lower mortgage interest rates and an improved economy have helped spur home buying, Cisneros said.
Cisneros also announced a series of initiatives that he said were designed to reach 67.5 percent home ownership by 2000.
KEYWORDS: HOME OWNERS STATISTICS by CNB