[Congressional Record Volume 151, Number 76 (Thursday, June 9, 2005)]
[Extensions of Remarks]
[Page E1200]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH AND THE IMPORTANCE 
                 OF HOMEOWNERSHIP IN THE UNITED STATES

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                          HON. GARY G. MILLER

                             of california

                  in the house of representatives

                         Thursday, June 9, 2005

  Mr. GARY G. MILLER of California. Mr. Speaker, I rise today to 
celebrate homeownership in America. Recently, the President designated 
June as National Homeownership Month as he has done for the past three 
years. To complement this designation, I have introduced a resolution 
to recognize National Homeownership Month and the importance of 
homeownership in the United States. This resolution expresses the sense 
of Congress that the House of Representatives:
  (1) fully supports the goals and ideals of National Homeownership 
Month; and
  (2) recognizes the importance of homeownership in building strong 
communities and families.


                  Importance of Homeownership in America

  For generations, the goal of owning a home has been the bedrock of 
our economy and a fundamental part of the American Dream. Over the last 
three years, as we have faced the challenges of war and economic 
uncertainty, the housing and refinance markets have helped to keep our 
economy moving. Nationally, housing generates more than 22 percent of 
the Gross Domestic Product and accounts for nearly 40 cents of every 
dollar spent. America's housing markets are the envy of the world. We 
enjoy the lowest interest rates and the highest homeownership rates of 
any developed nation. In fact, the national homeownership rate in the 
United States has reached a record high of 69.1 percent and more than 
half of all minority families are homeowners. Over 73.4 million 
Americans are now homeowners, with many more achieving this goal on a 
daily basis.
  Homeownership is the single largest creator of wealth for Americans. 
It is the largest investment most families will ever make and a key to 
promoting long-term economic stability for all Americans. For these 
reasons alone, we must continue to promote strong housing and refinance 
markets in America.


                Homeownership Builds Stronger Communities

  Aside from helping millions of Americans achieve their dreams, 
homeownership also helps to build neighborhoods and strengthen 
communities.
  Families who own homes have a vital stake in their communities, a 
stronger interest in the safekeeping of their neighborhoods, and a 
deeper commitment to the quality of their schools and libraries. Each 
home is a critical piece in a successful neighborhood, allowing 
families to enjoy community events together and share in the lives of 
their neighbors and friends. Owning a home also provides children with 
a place to learn, play, and grow, and gives homeowners a tangible stake 
in their cities and towns. As millions of American families have 
demonstrated, increased homeownership helps to build better 
communities, and better communities help to build a Better America.


                Congress's Role in Promoting Homeownership

  As responsible legislators, we need to ensure that government helps, 
rather than impedes, homeownership in America. When I came to Congress, 
I made it my top priority to highlight federal policies that have 
hindered the availability of housing in this country and to find ways 
for government to positively impact homeownership in America. While we 
have done much to help Americans become homeowners, we must do more. I 
firmly believe that Congress must cultivate an environment where more 
Americans can turn the dream of homeownership into reality.


           I Urge My Colleagues to Support Homeownership Month

  I am very pleased to see the President has made it a priority to 
promote affordable housing and homeownership. The Administration has 
taken a leading role in finding new and innovative ways to expand 
homeownership, particularly among minorities. I want to commend the 
hard work of Secretary Jackson and his team at HUD for their work in 
developing programs to increase affordable housing and encourage 
homeownership. I urge my colleagues to recognize the importance of 
homeownership in the United States and reinforce our commitment to 
providing homeownership opportunities for more Americans by 
cosponsoring this important resolution.

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