[Weekly Compilation of Presidential Documents Volume 32, Number 43 (Monday, October 28, 1996)]
[Pages 2149-2150]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.

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    I am determined to press forward with our economic strategy, so that 
our economy keeps 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.