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Bush Notes Record Number of Home Owners |
| RISMEDIA, Jan. 21-During Tuesday
night’s State of the Union Address President George W. Bush
highlighted the fact that there has never been a higher number of
home owners in the United States than now. While not proposing any new plans on housing, Bush indirectly linked the high number of home owners to his tax cuts which he says have allowed consumers to spend on what they want rather than on what the government wants. “The pace of economic growth in the third quarter of 2003 was the fastest in nearly 20 years,” Bush told members of Congress. “New home construction: the highest in almost 20 years. Home ownership rates: the highest ever … Interest rates are low. … These numbers confirm that that the American people are using their money far better than the government would have -- and you were right to return it.” Later, several Democrats blamed the president’s tax cuts for the mounting federal deficit, and highlighted the importance of job growth as the correct way to strengthen the economy. Bush did not mention during the State of the Union Address a proposal coming from his administration this week to offer a zero down payment option for consumers looking to get a federal loan without a traditional down payment. This week, the Mortgage Bankers Association applauded the U.S. Department of Housing and Urban Development (HUD) for introducing the no-down-payment option to its Federal Housing Administration (FHA) mortgage products. HUD says the program would add an estimated 150,000 new homebuyers in its first year. “Since its inception, FHA has been an innovator in developing new products to expand homeownership,” said Kurt Pfotenhauer, MBA senior vice president of government affairs. “As part of the Bush administration’s Blueprint for the American Dream initiative, this product demonstrates its ability to further reach out to potential homebuyers and will help reach the president’s goal of 5.5 million new minority homeowners by the end of this decade.” The zero down payment proposal will require legislative change to HUD’s statutes. The MBA urged Congress to pass the necessary legislation. For more information, visit www.whitehouse.gov |
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article? Have a news tip? Send an e-mail to: margo@margomiller.com.
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© Copyright
2003 Margo Miller, Realtor, Sarasota New Homes Realty, Inc. Licensed Real
Estate Brokerage |
