    [Public Papers of the Presidents of the United States: William J. Clinton (1996, Book II)]
    [October 22, 1996]
    [Pages 1901-1902]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Expansion of Homeownership
    October 22, 1996

        Owning a home is central to the American dream. So it is good news
    for all our families that today's report shows that homeownership rates
    are at a 15-year high.
        Strong job growth, low interest rates, and rising incomes have made
    this expansion in homeownership possible. With the lowest combined
    unemployment, inflation, and mortgage rates in 28 years, 4.5 million
    more American families over the past 4 years have been able to realize
    their dreams and buy a home. In fact, this has been the longest,
    steadiest expansion of homeownership in three decades.
        My administration has worked hard to help more Americans own their
    own home. By cutting the deficit 60 percent, we helped drive interest
    rates down. We have cut FHA closing costs for first-time homebuyers and
    cut the time for an FHA loan approval from 2 months to 2 days. And
    Secretary Cisneros' ``National Partners in Homeownership'' initiative
    has helped broaden and deepen the ranks of homeownership.
        Now we must do more to help hardworking American families to buy
    their own home. My balanced budget plan would keep interest rates from
    rising. It would allow families to save tax-free in an IRA for the
    purchase of a first home, and enable all Americans to sell their homes
    without paying any capital gains taxes.
        I am determined to press forward with our economic strategy, so that
    our economy keeps

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    growing and millions more families can join the ranks of homeowners. If
    we continue to offer opportunity for all who will work for it, we will
    build a strong American community for the 21st century.