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Strategies & Market Trends : Real Estate home/investment -- Ignore unavailable to you. Want to Upgrade?

To: David Jones who wrote (15)	10/24/1998 3:25:00 PM
From: jjs_ynot	Read Replies (1) \| Respond to of 73

Homeownership Hits Record High of 66.8 Percent By Joanne Morrison WASHINGTON, Oct. 23, 1998 (Reuters) - The homeownership rate soared to a record of 66.8 percent in the third quarter this year, driven by a strong economy, Housing Secretary Andrew Cuomo said Thursday. ''Our powerful economy is driving the homeownership rate out of the ballpark,'' Cuomo said, adding that there are 7.4 million more families owning homes than when President Clinton first took office. The number of families owning their own homes hit 69.1 million in the third quarter, the highest number in history and an increase from 68.3 million in the second quarter. The homeownership rate stood at 63.7 percent at the beginning of the president's first term. Cuomo predicted that 1998 is virtually guaranteed to post the highest annual rate ever. The rate, which measures the percentage of families who own the homes in which they live, was up from 66 percent in the second quarter of this year. On a regional basis, the rate rose in every part of the country, the department said. But a huge gap between homeownership among whites and minorities remained. Among the nation's white population, homeownership hit 73.1 percent for the the third quarter, up from 72.5 percent. That compares with the 46.8 percent ownership rate among blacks, up from 45.3 percent in the second quarter, and 44.9 percent among Hispanics, up from 43.9 percent. ''One of our top priorities remains reducing the homeownership gap that's dividing whites from minorities and suburbanites from city residents,'' Cuomo said. With an increased fair housing budget to $40 million from $30 million, the Department will be able to step up its efforts against housing discrimination, he said. In addition, legislation signed into law by Clinton Wednesday that raises the limit on home mortgages insured by the Federal Housing Administration (FHA) will also contribute to a further rise in homeownership. Until now FHA insurance could cover mortgage loans ranging from $86,317 in low-cost housing areas to $170,362 in high-cost areas. The new law raises those loan limits substantially -- ranging from $109,032 to $197,621.