WASHINGTON, March 27 (UPI) -- President Bush used his weekly radio address Saturday to highlight progress and prospects for home ownership.
Speaking from the White House, the president noted Census Bureau data that new home sales in February rose to an annual pace of 1.16 million homes, a 24 percent increase during the past year.
Bush also noted more homes were sold in 2003 than ever before, and the nation's current 68 percent home ownership rate is the highest ever.
"In our growing economy, more Americans can afford a new home," he said. "Incomes are rising. The unemployment rate is falling. Mortgage rates are low. And because of tax relief, Americans have more to save, spend and invest -- and that means millions of American families have moved into their first homes."
The president said he has asked Congress to provide $200 million yearly to help low-income people make down payments and cover closing costs.
He also called for zero down payment loans to be made available to first-time buyers whose mortgages are guaranteed by the Federal Housing Administration.
