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Office of the Press Secretary

For Immediate Release October 22, 1998


This morning, the Census Bureau released fresh evidence that our strong economy continues to widen the circle of opportunity to more American families. Last quarter, the national homeownership rate reached another record high. For the first time in history, more than two-thirds of American families own their own homes. Since I took office, 7.4 million families have become homeowners. I am especially pleased that these gains are being shared broadly, with African-American and Hispanic homeownership climbing even more rapidly than the overall rate.

Six years ago, I put in place an economic strategy, which helped produce a cycle of lower deficits, lower interest rates, stronger investment, higher incomes, and greater confidence. That virtuous cycle opened the door of homeownership to millions of Americans. Now the challenge is to keep our economy strong -- which is why we must continue to maintain fiscal discipline, invest in our people, and lead the global economy. I will continue to work hard to take the steps necessary to make the dream of homeownership a reality for more Americans.