Homeownership Alliance Celebrates 'The Year of the Homeowner'; Alliance President Speaks at MIT Center for Real Estate Symposium 11/6/2002
From: Karen Kay Speer, 202-354-8205 Katharine Mcfall, 202-354-8262 both for the Homeownership Alliance BOSTON, Nov. 6 -- Housing and homeownership now account for an unprecedented share of the nation's gross domestic product, prompting Homeownership Alliance president Rick Davis to declare 2002 as "The Year of the Homeowner" in the keynote address made at the Massachusetts Institute to Technology Center for Real Estate fall symposium today. Davis said, "With the stellar contribution housing made to the nation in 2002, the Homeownership Alliance is celebrating it as 'The Year of the Homeowner.' The contribution homeownership made to our nation's economy and individual wealth has been overwhelming in 2002." Davis explained how housing has contributed to the economy. He said, "New home construction and remodeling provide millions of jobs and generate billions of dollars in wages and tax revenues each year. During the recent recession, economic growth provided by housing kept many cities in positive economic growth. Refinancing has set new records as mortgage rates reached 40 year lows. Residential investment and housing services have been growing as a share of our economy, from 14.1 percent in 2000 to 14.8 percent in the Third Quarter of 2002. More importantly, housing's contribution to economic growth will continue to increase as housing starts are expected to rise 5.3 percent this year." In addition to providing critical economic benefits, Davis added that homeownership strengthens families and communities. "For example, children raised by homeowners achieve higher scholastic results and enjoy higher lifetime incomes than those who do not. Homeowners provide neighborhood stability and reduced crime. Homeowners tend to be more active in their communities. And, psychologically, homeowners have a greater sense of control over their life," Davis said. "For all of these reasons, it's clear 2002 will be remembered as 'The Year of the Homeowner' Davis said. The Homeownership Alliance will redouble its efforts to make 2003 "The Year of the Homeowner, Part II." Everyone benefits as homeownership increases, and the alliance wants to do whatever it can to increase homeownership rates across the board. "To continue 'The Year of the Homeowner' benefits to the economy and individual wealth in 2003, we must all work together to sustain and encourage increased homeownership, and eliminate barriers to homeownership. Homeownership shapes our country's economic growth. The robust housing market has been instrumental in alleviating the severity of our nation's economic downturn. When more Americans own homes, our economy is strengthened, and all American benefits," Davis concluded. The Homeownership Alliance is an organization dedicated to preserving, promoting, and expanding housing opportunities for all Americans. At the start of the 21st century, there are many positive and negative developments that can affect access to the American dream. The Homeownership Alliance is dedicated to supporting those positive developments and to exposing and defeating trends that would harm consumer access to affordable housing. The MIT Center for Real estate promotes research and education in real estate development, management and investment, and facilitates communication among members of the real estate industry worldwide, both with each other and with the academic community. Its major activities include a one-year master of science in Real Estate degree program, professional education for real estate practitioners and research on important issues in the field. ------ Based in Washington, D.C., the Homeownership Alliance is a coalition of more than a dozen organizations committed to ensuring support for the American housing system. Members include Consumer Federation of America, The Council of Insurance Agents & Brokers, The Enterprise Foundation, Fannie Mae, Freddie Mac, Habitat for Humanity International, Independent Community Bankers of America, Independent Insurance Agents & Brokers of America, Local Initiatives Support Corporation, National Association of Hispanic Real Estate Professionals, National Association of Home Builders, National Association of Real Estate Brokers, The National Association of Realtors(r), World Floor Covering Association, National Bankers Association, National Council of La Raza, and National Urban League, The National Association of Realtors(r) |